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Irish travel firm Boxever witnesses 65% increase in revenues

Thursday, February 15, 2018

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boxeverIrish travel tech firm Boxever had witnessed a 65% increase in revenues in 2016, a period in which accumulated losses had escalated to nearly €14 million.

 

The Dublin-based company founded by Dave O’Flanagan, Dermot O’Connot and Alan Giles in late 2011, last year had confirmed plans to raise an additional €6 million in follow-on investment.

 

And the move came after it had previously raised $19 million from investors that include Polaris Partners, Silicon Valley Bank and Frontline Ventures.

 

Newly-filed abridged accounts for Boxever that has developed a big data and personalization platform utilized mainly by travel operators and airlines portray that losses have risen from €7.8 million to €13.8 million last year.

 

The rise in losses comes as this company has looked to move beyond travel and into other sectors.

 

Besides it also follows on from a rise in staff numbers that results in a higher wage bill. Boxever has also declared plans to take a further 100 people in early 2016 and by the end if that same year had been employing 56 people, up from 38 in the previous reporting period.

 

Employee costs including wages and salaries had risen to €4.6 million in 2016 right from €3.1 million in 2015.

 

A note included in the accounts say that revenues had shot up by 65% year-on-year though no figures on turnover are outlined.

 

Laura Shesgreen, the chief finance officer told the media that over the last six years they had created a global client roster and it is inclusive of brands like eDreams, Odigeo, Air New Zealand, Jetstar, Cebu Pacific, Emirates, Viva Aerobus, Aer Lingus, Finnair and many others.

 

 

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