Teddy Sagi, the billionaire Israeli entrepreneur, is selling his majority stake in Israeli travel startup Airbitrip to fellow Israeli firm Talma Shlomo. Sagi is unloading his 51% stake in the business which will reportedly leave Airbitrip with a $40 million valuation.
In 2018, Tedi Sagi acquired a 50% stake in Airbtrip for $4 million.
Teddy Sagi is best known for being behind the hit Israeli gaming company Playtech. The company was sold last fall for $3.7 billion to Australian gambling machine manufacturer Aristocrat Leisure. Forbes estimates his wealth to be about $5.4 billion. Sagi has made multiple successful exits, both through buy outs and IPOs.
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Founded in 2015 by Benny Yonovich (CEO) and Orel Jossef (CTO) – both veterans of the IDF Intelligence Corps – Arbitrip is an online booking platform that says it helps businesses book “the best hotels at the lowest possible rates.” The company boasts that it uses what it describes as unique learning technology to personalize every search, “making sure the traveler gets the most relevant results for each specific trip.”
Arbitrip promises to reduce travel costs by more than 26% while dramatically improving business travelers’ satisfaction.
So, the company is basically an Airbnb for corporations that also promises to get its clients the best deals possible. It has raised $4.5 million to date.
Talma Shlomo says that it provides a wide and exclusive variety of private tourism services for the business sector and boutique traveling. The company boasts that 3,000 of Israel’s and the world’s leading businesses and organization find in us a warm home for each of their travel needs. The Shlomo Group is a family run business established in 1974 by the late Shlomo Shmeltzer.
Teddy Sagi was born in Tel Aviv in 1971 and founded Playtech before the age of thirty. He launched two other AIM-listed online services companies – Kape Technologies PLC, internet security and digital distribution platform and SafeCharge, an online payment service provider. In August 2019, Teddy’s entire interest in SafeCharge was sold to a Canadian payments tech company, and as a result of the acquisition, SafeCharge was delisted from the LSE.