Miami Tech & Startup News

Homegrown EveryMundo acquired in $90M deal by publicly traded PROS

Homegrown EveryMundo acquired in $90M deal by publicly traded PROS

In so many ways, the fast-growing EveryMundo – even down to its name – reflects the #MiamiTech story

Homegrown #MiamiTech company EveryMundo, a pioneering leader in fare marketing technology for airlines,  has been acquired by the publicly held  PROS, a provider of SaaS solutions optimizing shopping and selling experiences.

PROS, based in Houston, will pay $80 million in cash at closing and deliver about $10 million in stock in the future, under terms of the transaction subject to customary conditions.

The good news for #MiamiTech: The EveryMundo team, including leadership, will continue to be based in Miami as part of PROS. EveryMundo plans to grow larger with airline customers, and already serves over 70 airlines globally including American, United, Japan Airlines and KLM.  The deal will also help EveryMundo take its solution to other industries, as it started doing in recent months with Greyhound, Tennis Australia and others.

Since 2006, the fast-growing, bootstrapping EveryMundo, under co-founders Anton Diego and Seth Cassel, has helped brands maximize their digital reach and engagement with customers in any channel in the most flexible and profitable way – while creating a superior brand experience and brand loyalty. With its airline customers, this means being able to quickly publish offers on direct and indirect channels that can bring customers back to owned channels, avoiding the increasing fees charged per offer by Global Distribution Systems that limit reach and erode margin.

Seth Cassel, left, and Anton Diego are co-founders and President and CEO, respectively, of EveryMundo.

“Our company and technology were founded on this vision and dream to impact the market in truly innovative ways,” said Diego, EveryMundo’s CEO. “As part of the PROS family, our teams look forward to continuing this mission.”

Andres Reiner, CEO of PROS. Also shown with Cassel and Diego at top of this post.

What the deal brings to both sides

In an interview. PROS CEO Andres Reiner said digital fare marketing was a natural extension of PROS’ digital retail strategy. “For us the vision was always to  bring together the marketing and the selling  to give brands in our markets the right products to drive demand through their channels,”

Beyond great technology, “the quality of the people and the culture that [EveryMundo] built is really what attracted me the most,” Reiner continued. “They have similar value systems to what we have at PROS. It’s about  caring about people and their growth opportunities and creating an environment where everyone can achieve their full potential.”

Cassel, EveryMundo’s president, explained that PROS is the world leader in revenue optimization for airlines, among other things, and that is enabling the airlines to identify the right price at the right moment.  EveryMundo broadcasts that price out into the market, engaging the potential passenger with PROS technology for shopping. But PROS serves a wide range of industries outside of airlines where EveryMundo’s technologies could be key to driving more consumers to these brands, he said.

Brands have no choice but to be present everywhere their customer and prospects find themselves, regardless of channel, Reiner added. “With EveryMundo, our collective portfolio gives brands much greater control over direct and indirect channels they participate in to consistently deliver superior brand experiences.”

The EveryMundo co-founders were recently exploring raising private equity for the first time. Engaging in discussions with PROS led to the acquisition outcome that seemed far more compelling and transformational for both companies. “Particularly coming out of the challenges and difficulties that COVID thrust upon us, it just felt like an awesome opportunity to put the company on such a phenomenal acceleration track as part of a much bigger thing now,” Cassel said.

‘We are immigants’

In so many ways, EveryMundo – even down to its name – reflects the #MiamiTech story. CEO Diego was born in Moscow and raised in Havana and Spain before immigrating to the U.S. in high school. The majority of EveryMundo’s 75-member Miami team are  immigrants. Powered by that grit and hustle mentality that is Miami, EveryMundo was able to bootstrap and be profitables nearly every year of its existence.

Through the years: EveryMundo’s Miami team in 2017

During the pandemic, the company mustered all of that grit and then some to survive, recover, and then thrive again, securing relief loans and quickly creating new products for airlines tailored to the pandemic realities.

It all paid off in a big way.

In 2021, EveryMundo’s worldwide team has grown from 100 to nearly 150 people now. 2021 has also been a banner year for the company’s new customer acquisition, as it added 30 more brands this year, up from 50 at the end of 2020. “We don’t see that trajectory letting up, and we predict 2022 revenue to essentially be a full return to our trajectory prior to COVID,” Cassel said.

The next chapter

When Cassel and Diego looked for financial advisors they considered their options but stayed all in the Miami family: Cassel Salpeter & Co. served as financial advisors to EveryMundo in the transaction, along with Baird, which specializes in the airline industry. Cassel’s father James is chairman and co-founder of Cassel Salpeter and brother Philip is the firm’s managing director. “Working with them was an absolute pleasure and was a nice byproduct of this process,” Seth Cassel said. “I would absolutely wholeheartedly recommend them to anyone who needs financial advisory services.”

Through the years, Cassel and Diego, both selected as global Endeavor Entrepreneurs in 2015, have expressed that they wanted to make EveryMundo a company that makes Miami proud. Mission accomplished, and their story continues with this new chapter. “We’re excited and we hope this is representative of more great things to come for homegrown Miami tech companies,” Cassel said.

Follow @ndahlberg on Twitter and email her at [email protected]

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