Sify makes entry into online travel business

NEW DELHI: Internet service provider Sify on Tuesday said it has acquired Us-based Globe Travels -- an e-ticketing company for an undisclosed sum.

This acquisition marks Sify's entry into the fast growing online travel business, particularly e-ticketing, a company statement said.

Globe Travels, set up in 1993, is a leading player in India-US travel space and generated revenues of 11 million dollars in 2005.

"This strategic acquisition will enhance our online offerings to customers and open up new sources of revenue," Sify's CEO R Ramaraj said.

According to a study, the total number of online transactions in 2005-06 is estimated to be around 262 million dollars, of which 152 million dollars is expected in the travel-related sectors.