Asmallworld acquires the luxury travel portal First Class & More

The social network Asmallworld has announced the acquisition of the German portal First Class & More, specialized in luxury travel at discount prices. The Zurich-based company thus hopes to « significantly » accelerate its growth and combine two activities with « significant synergies ».
« This acquisition represents another important step in the implementation of our growth strategy.
We will continue to strengthen our customer base and services, » said the Managing Director (CEO)
He pointed out that the company, recently listed on the Swiss stock exchange, wants to accelerate its progress towards the profitability.

The transaction will be effective as of October 5 and will be paid in cash for €10.5 million, as well as by the payment of shares up to 820,000 existing shares. By 2022, the total price of the acquisition may rise 7 million, if certain operational milestones are achieved.
First Class & More was founded in 2009 and operates mainly in Germany, Austria and Switzerland. The portal has 60,000 subscribers, of which 10,000 pay an annual subscription.