SITA buys out Cargolux’s stake in CHAMP
24 / 01 / 2022
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Transport IT firm SITA has become the sole owner of air cargo software provider CHAMP Cargosystems after buying the stake owned by Cargolux Airlines.
The transaction saw SITA acquire its joint venture partner’s 49% holding on December 21.
SITA said the move will increase CHAMP’s flexibility and comes as revenues at the software firm were on the ascendancy.
“CHAMP’s revenues have been increasing steadily as the air transport industry recovers,” SITA said. “The purchase of the CHAMP minority share from Cargolux will simplify governance while providing the flexibility to leverage potential synergies with the broader SITA portfolio and customers. At the same time, CHAMP management will continue to focus on the business turnaround, profitability, and cash improvement.”
Current CHAMP Cargosystems chief executive, Chris McDermott, will stay in the role, SITA said.
The move also comes shortly after Cargolux had signed up to use the IBS air cargo platform.
In 2018, the airline moved in-house all of the the non-air cargo applications run by CHAMP.
Last week, CHAMP launched its new business intelligence service, Market Analytics. The service is available to every airline and forwarder, whatever cargo system they operate, and will be expanded to additional supply chain stakeholders in future.
