Scottish Equity Partners (SEP) has completed its exit from Skyscanner, following the formal completion of the company’s GBP1.4 billion sale to Ctrip, a Chinese online travel services provider.
SEP, which was Skyscanner’s largest shareholder, owned approximately one third of the Edinburgh-headquartered travel search company and made its initial investment back in 2007.
At the time, Skyscanner employed less than 30 people, had revenues of approximately GBP1 million and focused on budget airlines in Europe.
It now has over 800 employees and is one of the top online travel brands in the world, serving 60 million monthly active users and available in over 30 languages.
Calum Paterson, SEP’s managing partner and a non-executive director at Skyscanner prior to its sale to Ctrip, says: “We are pleased to have helped Skyscanner grow from modest beginnings into the global online travel business that it is today. The company’s founders, management team and employees deserve great credit for what has been achieved. We believe Ctrip will be the perfect partner for Skyscanner and that it will continue to go from strength to strength.”
Gareth Willliams, CEO and co-founder of Skyscanner, says: “Skyscanner’s position as a world leading travel search business would not have been possible without the great support we have had from SEP. They have been a consistently engaged, informed and astute partner throughout our journey.”
The sale of Skyscanner to Ctrip is one of Europe’s largest ever venture capital exits and SEP’s third “unicorn” exit in recent years, following on from Bluetooth technology company CSR and life sciences company Biovex.