Amadeus acquires Portugal’s Vision-Box, specialised in passenger biometrics, for €320m, equivalent to 16x EBITDA 2023


Renta 4 | Amadeus has reached an agreement to acquire Vision-Box, a Lisbon-based company that provides biometric (facial recognition) solutions for passengers in airports, airlines and border systems.

Vision-Box’s systems (hardware and software) facilitate passengers’ journey from airport check-in, check-out, lounges and security screening.

Vision-Box is expected to generate €70 million in revenues and €20 million in EBITDA by 2023, is present in more than 100 countries, generates 50% of revenues in EMEA, 30% in Asia-Pacific and 20% in the Americas and has 470 employees who will join Amadeus. Amadeus is expected to close the transaction in H1 24 following regulatory approval. The agreed price values Vision-Box at an Enterprise Value of €320 million, at a 2023 normalised EBITDA multiple of 16x (EBITDA margin 29%).

Assessment: This acquisition allows Amadeus to broaden its offering of airport and airline solutions and strengthen its capabilities across all stages of the passenger journey, from booking to boarding and through check-in systems. Amadeus’ strategy of bringing all systems together on a single platform to enhance the travel experience is to be welcomed. The agreed multiple seems high to (16x EBITDA 2023e) although it is a company that operates in a business segment with high growth prospects.

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