By Lauren Lamb
Week of Thursday December 21, 2021
Miami-based software company EveryMundo has been bought for $80 million in cash and $10 million based on future stock by PROS Holdings, a software service provider.
“There is a strong cultural fit between EveryMundo and PROS,” said the deal’s broker, Chairman and co-founder of Cassel Salpeter & Co. James Cassel. EveryMundo focuses on landing pages for airlines so they are not outdone by commercial vendors like PriceLine or Travelocity.
“With some businesses, you watch deals fall apart,” Mr. Cassel said. “Not because they’re right or wrong, but just because they have different cultures.”
Mr. Cassel’s son, Seth Cassel, is co-founder and president of EveryMundo. “Today is a monumental day for our team and a next step in our quest to disrupt industry paradigms hindering market growth and opportunity for airlines and B2B organizations,” Seth Cassel said in a press release.
“Airlines want people to engage through their websites instead of using online travel agencies (OTA). The airline gives information about what they are selling directly, for example a deal on a flight to Denver, that the consumer will miss using an OTA,” said James Cassel. The PROS platform includes assets like airline revenue management software, airline digital retail and group sales optimization.
EveryMundo and PROS are a good cultural fit because they spent the time to get to know one another according to James Cassel. “What was important to PROS and EveryMundo was getting to understand how they view technology business but also how they interact with their colleagues and how their business is managed.”
Seth Cassel visited PROS’ headquarters in Houston and members from PROS visited Miami before a deal was made. “The businesses spent time up front to discuss their common vision and common approach. The first goal is to go deeper within one another’s products and see what’s available,” said James Cassel. “The first thing to do in any business situation is look for the low-hanging fruit and be collaborative. They can introduce one another to people who aren’t overlapping and combine them.”
Over the past year, EveryMundo has almost doubled in size. Said James Cassel, “Airlines need more marketing and technology that PROS will help provide.”
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