At closing, Mondee paid a consideration of approximately $15 million, comprised of cash and Mondee common stock priced at $10 per share. Additionally, the agreement allows for a potential future earn-out opportunity of shares of Mondee common stock, contingent upon the achievement of specified annual adjusted EBITDA growth targets.

The deal is expected to support Mondee's ongoing expansion and diversification endeavors, markets serving international corporations, small and midsize businesses (SMBs).

Furthermore, the acquisition increases Mondee's reach of local, regional, and global content.

Skypass raked in gross revenue of $45 million and adjusted EBITDA of $4 million, with a margin of 60% in 2022.

Mondee's strategic approach involves harnessing its exclusive AI-Powered Travel Marketplace and technology.

It intends to deploy service enhancement to target Skypass's clientele and generate additional revenue, including FinTech solutions and supplementary services.

"This acquisition underscores our commitment to diversifying our distribution to SMBs and international corporate accounts along with geographical expansion into India, Mexico, and LATAM," said Mondee's Founder, Chairman, and CEO, Prasad Gundumogula.

Price Action: MOND shares are trading lower by 2.30% at $6.80 on the last check Monday.