ITA Software Receives Investment from Spectrum Equity

Cambridge, MA - ITA Software, Inc., the first company in more than 30 years to provide a new IT platform for the airline industry, today announced $100 million in equity financing. Led by Battery Ventures, the round includes participation from General Catalyst Partners, PAR Investment Partners, Sequoia Capital and Spectrum Equity. The funding will be used to help ITA Software expand upon its success with top travel companies such as Alaska Airlines, Alitalia, Continental Airlines, US Airways, Galileo, Kayak and Orbitz.

"Most airlines still depend on software and systems developed before Woodstock. Since then the industry has been buffeted by deregulation, a string of bankruptcies and the emergence of low cost carriers," said Michael Moritz, partner at Sequoia Capital. "The only airlines that will prosper in the future are those that embrace fresher technology and the Internet. This new approach that ITA Software is championing will strip cost from the industry, allow travel agents to specialize on offering higher value packages and usher in the era of worldwide self-service."

ITA Software's technology is used daily by millions of travelers. Its shopping system searches billions of combinations of flights and airfares in order to deliver better and more comprehensive results for a wide range of travel searches. This dramatically enhances the shopping capabilities of airlines and travel agencies.

Our success powering the shopping for some of the largest airlines and travel agencies positions us to develop the next generation IT platform for the industry," said Jeremy Wertheimer, president & CEO of ITA Software. "As we expand our system to handle reservations, this funding will help us accelerate our partners' transition from legacy mainframes to modern technologies."

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