Reed Travel Group to Buy TravelNet

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."

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