Cision PR Newswire
eDreams ODIGEO drives innovation with Tech Hub network expansion
News provided byeDreams ODIGEO
Jan 25, 2023, 11:00 AM ET
- The Company expands its network of European innovation centers with the launch of a new tech lab in Milan. The move follows the recent opening of development labs in Porto, Palma de Mallorca and Alicante.
- The business, named one of the ''Best Companies to Work For in 2022' by Forbes magazine, enters its next phase of growth as a subscription-based business.
- eDreams ODIGEO employs people from 46 nationalities and operates a cutting-edge technology platform. The business has adopted an industry-first hybrid, flexible working system aimed at driving further flexibility and employee creativity.
LONDON, Jan. 25, 2023 /PRNewswire/ -- eDreams ODIGEO (hereinafter, "The Company" or "eDO"), Europe's largest online travel company, the largest in terms of flights globally outside of China and one of the largest European e-commerce businesses, today announced that it is expanding its network of Tech Hubs with the launch of a new innovation centre in Milan.
The announcement comes as the Company continues to grow its pan European development centres, notably in Porto, Barcelona, Madrid, Palma de Mallorca, Alicante and Budapest. The business, named one of the ''Best Companies to Work For in 2022' by Forbes magazine, added 250 new team members to its global tech workforce in 2022 alone to support the growth of its subscription service Prime and is on track to reach 7.25 million Prime members by 2025.
eDreams ODIGEO continues to grow its profitability and its market position as the innovator in the travel industry through its subscription programme, similar to how Netflix, Spotify or CostCo have done in their respective industries. The Company's recent quarterly results show its progress in this endeavour, with Cash EBITDA up 78% compared to the same period last year. The business is on track to meet its guidance of reaching €180 million in Cash EBITDA and 7.25 million Prime members by fiscal year 2025. Since the beginning of the pandemic, the business has consistently outperformed the wider industry, with its trading exceeding pre-COVID levels by +48% in the first half of the fiscal year 2022.
Dana Dunne, Chief Executive Officer at eDreams ODIGEO, said: "As demand for leisure travel and subscription services continues to grow, we are perfectly placed to embark on the next stage of our journey. Ensuring that we provide our customers with an unparalleled experience is key to our success, and to that end, we are investing in expanding our network of Tech Hubs across Europe and recruiting top talent to join our team and help us continue revolutionising the travel industry.
"Our Tech Hubs play a crucial role in supporting our continued growth as a subscription-based business and their contributions will have a significant impact on millions of travellers across the world. We are eager to see the bright future that lies ahead for eDreams ODIGEO."
eDreams ODIGEO employs 46 nationalities and operates in an industry-first hybrid, flexible working system aimed at driving further flexibility and employee creativity.
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SOURCE eDreams ODIGEO