SITA acquires Cargolux’s stake in CHAMP
Transportation IT company SITA has become the sole owner of air cargo software provider CHAMP Cargosystems after buying out the stake held by Cargolux Airlines.
The transaction saw SITA acquire the 49% stake from its joint venture partner on December 21.
SITA said the move will increase CHAMP’s flexibility and comes as the software company’s revenue was on the rise.
“CHAMP’s revenues have steadily increased as the airline industry recovers,” SITA said. “The purchase of CHAMP’s minority stake from Cargolux will simplify governance while providing the flexibility to leverage potential synergies with SITA’s broader portfolio and customers. At the same time, CHAMP management will continue to focus on business turnaround, profitability and cash flow improvement. »
Current CHAMP Cargosystems managing director Chris McDermott will remain in the role, SITA said.
This move also comes shortly after Cargolux signed with use the IBS air freight platform.
In 2018, the airline moved all non-air cargo applications managed by CHAMP in-house.
Last week, CHAMP launched its new business intelligence service, Market Analytics. The service is available to every airline and freight forwarder, regardless of the cargo system they operate, and will be extended to other supply chain players in the future.
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