Galway software house completes MBO
1 April 2005 | 0
Management at Galway-based software developer Traventec has completed an MBO from its former parent company.
The management buyout was led by the Irish company’s founder and MD Greg Cawley.
Until the start of this year, the Irish firm was a subsidiary of German-based Start Amadeus, which was also the company’s main customer.
Start Amadeus supplies German travel agents with Europe’s largest reservation system. In early 1999, it established an offshore software development subsidiary in order to offset its dependence on external contractors, founding Start Amadeus Ireland (since renamed as Traventec).
The 80-strong team in Galway is heavily involved in the redesign of the core architecture and business logic of the Start system, moving towards an open system architecture with responsibilities for middleware development as well as the object-oriented redesign of components in C++ and Java.
Traventec employees also have extensive experience in developing online booking systems and portals for the travel industry.
Plans for Traventec had been limited to growing the relationship with the parent company and providing a quality software development service to them.
However, over time, the Galway-based management team said that broader opportunities existed for the company beyond providing software development services to its parent firm.
Traventec plans to increase its client base to include other significant players in the travel and entertainment markets such as tour operators, airlines and hotels, event organisers and music venues.
Traventec plans to increase headcount to100 people by end of the year. The company is looking to recruit experienced software engineers who can lead teams and manage software development projects.