Ticketing software company Latvia Software announced plans to spin off its company diary software business
- by admin
By LEO GILIANOKIANIAssociated PressAUSTIN (Reuters) – Ticketing Software Company latvia Software, the software company behind ticketing software for airlines, plans to close its corporate offices in New York and Chicago and to spin out its ticketing business to a new, private entity, the company said on Thursday.
A spokesperson for the company declined to comment further.
The company, which operates the ticketing and payment systems for many airlines, said it plans to create a private, wholly-owned subsidiary.
Latvia Software’s parent company, Latvia International Group, owns about 30 percent of the company.
Latvia also operates ticketing system, and ticketing company.
The company has a total of about 30,000 employees.
Lataka said it will sell the business and its technology, which includes ticketing systems, ticketing platforms, ticket vending machines and ticket data processing software.
The move comes after the company reported that its revenue fell 2.9 percent to $9.7 billion in the fourth quarter.
It said the decline was due to a drop in revenue from ticket sales.
The decline was driven by a 2.5 percent drop in ticket sales to passengers on flights to China, which fell by 9.5 percentage points in the quarter.
The Chicago-based company said it would close its New York offices and relocate to a newly constructed facility in the South Loop.
Latvian software company is known for its high-tech solutions for airlines including ticketing, payment systems and ticket vending.
The announcement comes as the company is trying to find a new buyer for the technology it developed that provides flight and ticket information to ticket vending machine operators.
Latavia, which has offices in several U.S. cities, is also the maker of the ticket vending software used by U.C. Berkeley.
The software is used in about two-thirds of the U.N. airports.
By LEO GILIANOKIANIAssociated PressAUSTIN (Reuters) – Ticketing Software Company latvia Software, the software company behind ticketing software for airlines, plans…
- IBM, Google and Facebook to offer online education and cloud services for businesses
- The Crossover: The Next Generation of Health Software, Radiology and Healthcare
- How to make a trust company program to keep your bank account secure
- Which are the most popular games in 2018?
- Dxe, a software company planning to launch a software-defined network (SDN) company, says it is in talks with several major US banks