Eddy Travels, a digital travel assistant service founded by entrepreneur Edmundas Balcikonis, is being acquired by TripAdd, a New York-based travel products provider, a subsidiary of Blue Ribbon Bags Group, a global leader in tracking lost baggage. TripAdd hopes to increase its revenue through personalized recommendations for users.
Financial details of the deal, announced Friday, were not disclosed. The companies only described it as a “multi-million dollar acquisition”.
Eddy Travels was founded in 2019 with the aim of bringing the world of travel to messaging apps, offering an artificial intelligence (AI) service that facilitates the travel process for its customers. This includes planning flights, booking hotels, and finding restaurants, among others. The service is made possible by Eddy AI, a chatbot assistant, which uses what is called natural language processing (NLP) to help users find what they are looking for.
Co-Founder and CEO Balcikonis, is excited to join TripAdd for an enhanced digital marketplace experience. “They are extremely business savvy, with incredible sales and marketing skills,” Balcikonis said of TripAdd, “which perfectly complements our technology and product development capabilities.”
Both parties have expressed excitement about the merger, seeking to bundle their services to maximize the customer’s travel experience.