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As in every other case with startups, there was a lot of optimism and cheerleading, and obviously one (or multiple) areas weren’t quite as rosy as they’ve been made to seem.
Carlson Waglit Travel (CWT), one of the largest travel agencies in the world, has agreed to acquire World Mate in an all-cash deal, Tech Crunch learned today.
A source with intimate knowledge of the matter informed us that a board member leaked the rumors to the press in an attempt to drive up the price.
That, plus the fact that its revenues were at around million in 2010, and it’s not exactly a huge shock the deal didn’t pan out.
While the business travel management giant gets an established mobile channel through which to distribute its security solutions, alerts, crisis communication, destination intelligence among others, one source intimately familiar with the deal said that it “wasn’t exactly a homerun” for World Mate, which raised a total of million in venture capital.
The deal is expected to close later this week, with an official announcement coming in the next few days. Update: Both CWT and World Mate have confirmed the acquisition, although did not confirm the purchase price.
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