GuestLogix Inc has emerged from creditor protection under the ownership of a group of private equity firms and other investors. The latter, which include Stornoway Portfolio Management, Bridgecorp Canada, Logan Peak Capital and Klass Capital Corp, agreed to acquire the company for an undisclosed amount in July. GuestLogix, a Toronto-based provider of onboard retail and payment technology to the airline and passenger travel industry, also announced a change in management. Mike Abramsky, a Canadian technology executive, was hired as its CEO. GuestLogix said the new owners and management will support its growth plans and platform development.
GuestLogix Successfully Emerges from Creditor Protection with Fresh Capital and New CEO
TORONTO, ONTARIO–(Marketwired – Sept. 26, 2016) – GuestLogix Inc.(“GuestLogix” or the “Company”), the leading global provider of onboard retail and payment technology to the airline and passenger travel industry, announced it has successfully emerged from creditor protection under the Companies’ Creditors Arrangement Act (Canada) (the “CCAA”) under a new ownership group and CEO, Mike Abramsky. With a renewed financial footing and new leadership, GuestLogix is now a viable, debt-free private company with the resources necessary to pursue its growth plans and the continued advancement of its onboard retail technology platform. GuestLogix’ new owners are a Canadian investor group with a strong track record of investing in high-growth technology businesses, and include Stornoway Portfolio Management Inc., Bridgecorp Canada Inc., Logan Peak Capital Inc. and Klass Capital Corporation.
GuestLogix’ new CEO, Mike Abramsky, is a global technology leader with a solid track record of leading businesses to sustainable growth, client value and profitability. A seasoned technology executive, for two decades Mike has held leadership positions at Argus Software, Delrina Corp, Xerox and other organizations. Mike was also a Managing Director for RBC Capital Markets. Mike holds a Bachelor and Master of Science in Engineering from Massachusetts Institute of Technology (Boston) and an MBA from Harvard University.
“This is a very exciting time for GuestLogix,” said Mike Abramsky, CEO, GuestLogix Inc. “With a solid and engaged team, and many of the largest and most diverse set of airline and travel partners as loyal customers – along with the most comprehensive onboard retail solution in the industry – GuestLogix remains the global leader in the in-flight ancillary revenue space. We are well positioned to help our clients and partners drive strong ancillary revenue, and to offer differentiated passenger retail experiences driving customer loyalty.”
“We are delighted to have Mike Abramsky lead the team and global business at GuestLogix,” commented Scott Reid President & founder of Stornoway Portfolio Management. “With a strong track record of revitalizing the operations of global firms, Mike brings deep expertise in leading world-class technology companies to drive unique and strong client value.”
Under Mike’s leadership, GuestLogix plans to continue to bring to market innovative, value-added solutions that power the travel industry’s most popular onboard retail offerings – whether in use by thousands of Flight Attendants or via self-service systems such as in-flight entertainment seat back screens and onboard streaming solutions. GuestLogix also powers the retail and ticketing systems of rail operators as well as the world’s largest airport lounge company. GuestLogix currently processes transactions in 144 countries around the world and supports a global client base which in turn serves over 2.4 million travelers daily.
Certain statements in this news release constitute “forward-looking” statements. These statements relate to future events or the Company’s future performance. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
GuestLogix Inc., is a global leader in comprehensive onboard merchandising, payment and business intelligence technology delivered to the passenger travel industry. Bringing over a decade of expertise as the industry’s most trusted onboard transaction processing partner to airlines, rail operators and elsewhere in the passenger travel industry, GuestLogix powers the industry’s growing demand for ancillary revenue generation. Both direct to operators as well as through partnerships with global leaders in catering, duty-free, inflight entertainment and self-service retail experts, the Company provides payment and related services touching over 1 billion travelling consumers each year. GuestLogix’ global headquarters and centre for product innovation is located in Toronto, with regional offices located in Dallas, London, and Hong Kong, and a product innovation lab located in Moncton. More information is available at www.guestlogix.com.
Dan Thompson, GuestLogix
Senior Vice President, Global Sales and Client Services
Photo courtesy of GuestLogix Inc