SECAUCUS, N.J. -- Reed Travel Group announced plans to acquire
TravelNet, the Santa Clara, Calif.-based firm specializing in
software for corporate travel management. The software firm is
headed by Randall Malin, the former American Airlines and USAir
executive who now serves as the software company's president and
chief executive officer. TravelNet, founded in 1991, designs,
develops, markets and supports application software and database
capabilities for the corporate travel industry. Its most recent
software release is marketed under the brand name Voyager. It will
continue to operate from its Silicon Valley location. The software
firm's products are intended to assist corporations and corporate
travel agencies in managing travel contracts and policy compliance
as well as in automating the travel-booking process. The firm's
clients include Carlson Wagonlit, Mutual Travel, Sybase Inc.,
Aerospace Corp. and Chiron. Kathy Misunas, chief executive officer
of Reed Travel Group, said TravelNet would bring "an established
product and technical expertise to our already broad travel
portfolio." She said the software company had become "recognized as
the pioneer and market leader in real-time travel-planning tools
and advanced database software which enable customers to manage and
reduce travel expenses." Malin said the Reed purchase was "the
highest compliment that can be paid to our employees" and testimony
to the "best in the class corporate travel software that they have
developed." The agreement to buy Travel-Net marks the second
acquisition announced by Reed Travel Group in recent weeks.
Earlier, the company, a division of Reed Elsevier PLC, said it
planned to acquire Weissman Travel Reports, a leading provider of
global electronic and hard-copy destination information to the
travel industry. Reed, whose holdings include Travel Weekly,
Travel-Age, the OAG group and Hotel &Travel Index, said the two
acquisitions were made for "under $25 million."