Since 2020, Groupe CDS, a leading European provider of business travel solutions for corporate clients and travel management companies , has been backed by IDI.

With this new investment, Andera Acto joins the company’s shareholder base alongside the leadership team and IDI, which is reinvesting as part of the transaction.

Founded in 2001, Groupe CDS offers a comprehensive digital platform that helps its clients (corporate clients and Travel Management Companies) manage the entire hotel booking process for business travel while optimizing both direct and indirect costs.

As France’s leading independent player and the second largest in Europe, the Group delivers technology solutions tailored to the complex needs of its clients. By combining cutting-edge tools with essential services—including a booking platform, dedicated support, payment and reporting solutions, and custom developments—the Group offers an all-in-one solution designed to ensure a seamless and reliable customer experience. This integrated approach is reflected in its new name, S4BT – Solutions for Business Travel.

Thanks to its unique positioning, S4BT serves businesses of all sizes and industries, helping them gain greater control over hotel spend.

The Group’s strong growth has been fueled by both organic expansion and successful international acquisitions. Today, it has nearly 450 employees across five major European countries (France, Germany, Italy, Poland, Croatia) and operates four brands (CDS, CRC, Goelett, and SIAP), generating an annual hotel booking volume of €800 million, highlighting its solid market position.

This sponsorless deal restructures the Group’s capital around founder and CEO Ziad Minkara, who aims to leverage the support of Andera Acto and long-standing shareholder IDI—reinvesting in a minority position—to drive Groupe CDS’s continued expansion. A key focus will be external growth, further strengthening the company’s international reach.

Commenting on the transaction, Ziad Minkara stated:

« From the outset, Arnaud and his team demonstrated a strong commitment to supporting us with a true entrepreneurial spirit. Their expertise played a decisive role in my choice. IDI’s renewed confidence further strengthens our determination. Together with François Machenaud, we are fully committed to elevating Groupe CDS to the rank of global leader in Business Travel Tech solutions. Alongside our teams and financial partners, we are shaping the future of business travel while maintaining our independence. »

Arnaud Faure, Partner at Andera Acto, added:

« Ziad and his team have demonstrated their ability to drive both strong organic and external growth, establishing Groupe CDS as a major European player with a comprehensive suite of business travel management solutions. We are delighted to support them in this next phase of development, particularly as they expand into English-speaking markets. The Group aims to become Europe’s leading technology integrator for the hotel and business travel sector, serving both corporations and Travel Management Companies. »

Marco de Alfaro and Jonathan Coll of IDI, concluded:

« Groupe CDS’s journey since we first invested in 2020 has been impressive. Despite a challenging environment, Ziad and his team have successfully expanded their client base while consolidating their market through three strategic acquisitions—transforming Groupe CDS into a leading pan-European group. We are pleased to renew our support for Ziad and his team and look forward to contributing to the next phase of this ambitious journey, both in France and internationally. »

Transaction Advisors:

Shareholders:

• Groupe CDS: Ziad Minkara
• IDI: Marco de Alfaro, Jonathan Coll, Inès Lavril

Investors:

• Andera Acto: Arnaud Faure, Christine Martinovic, Katia von Borowski, Alban Ravinet

Advisors:

• Sellers:
  • M&A: Amala (Jean-Baptiste Marchand, Jad Hariri, Jad Sader)
  • Legal counsel: Hogan (Stéphane Huten, Alexandre Jeannerot), XLR (François Le Roquais)
  • Financial due-diligence: Alvarez & Marsal (Donatien Chenu, Samih Hajar, Guillaume Descamps)
  • Strategic due-diligence: Roland Berger (Pascal Arnaud, Louis Gendry)
  • Tax due-diligence: Mazars (Iosif Cozea, Raphaël Marik)

• Financial Investors:
  • M&A: Cambon (Morgann Lesné, Laurent Neubauer, Maxime Wuthrich)
  • Legal counsel: King & Spalding (Laurent Bensaid, Julien Vicariot)
  • Financial due-diligence: Eight Advisory (Fabien Thiéblemont, Mehdi Laghmiri)
  • Strategic due-diligence: Indéfi (David Tolédano)
  • Legal, tax, and social due-diligence: King & Spalding (Laurent Bensaid, Julien Vicariot, Fernand Arsanios, Guillaume Chaboureau)
  • Tech & cyber due-diligence: Vaultinum (Philippe Thomas)

About Groupe CDS

Founded in 2001 and led by its founding shareholder Ziad Minkara, Groupe CDS is the leading player in France and a key technology integrator for the hotel and business travel sector in Europe.

Its end-to-end hotel booking platform is designed to meet the needs of corporate clients and travel management companies (TMCs). Groupe CDS stands out through its dedicated customer support in each country, tailored sourcing to assist clients, an extensive and diverse hotel inventory, robust payment solutions, and advanced reporting tools to optimize travel spend management.

In 2022, the Group expanded its services with the acquisition of Goelett, a booking tool for TMCs, and strengthened its presence in Italy by opening an office in Rome. In 2023, Groupe CDS reinforced its European footprint with the acquisition of Corporate Rates Club (CRC), a well-established player in Germany for over 20 years. In late 2024, Groupe CDS acquired SIAP, Italy’s leading provider of ERP solutions for business travel management companies.

These brands operate in perfect synergy, offering a comprehensive suite of services that caters to the diverse needs of businesses and travel management companies across Europe.

About Andera Partners

Founded nearly 25 years ago, Andera Partners is a leading private equity firm in France and internationally. Its teams manage €4.3 billion across investment strategies including life sciences (Andera Life Sciences), growth and buyout capital (Andera MidCap, Andera Expansion/Croissance, Andera Co-Invest), sponsorless transactions (Andera Acto), and ecological transition (Andera Infra).

Andera Partners’ mission is to engage with businesses and their leaders to support them on the path to strong and sustainable growth. The quality of the performance offered to our investors is built on a strong partnership between the entrepreneurs we support and our teams, based on shared values. Collective commitment to performance, The Power of And, is the core of Andera Partners.

Headquartered in Paris, Andera Partners also has offices in Antwerp, Madrid, Milan, and Munich, with a team of 119 professionals, including 72 investment experts.

 About IDI

A leading player in private equity in France, IDI is a publicly listed investment firm, controlled and largely owned by its team, with over 50 years of experience supporting SMEs and mid-sized companies.

IDI offers entrepreneurs time, resources, and a stable, experienced investment team to accelerate growth. The commitment and longevity of IDI’s teams, along with the quality of its investments, have enabled its shareholders to achieve an annualized internal rate of return (IRR), including reinvested dividends, of 15.87% since its IPO in 1991.

IDI is listed on Euronext Paris

ISIN: FR0000051393 – Bloomberg: IDIP FP – Reuters: IDVP.PA

Press Contacts

 Groupe CDS

Rebecca Xerri, rxerri@pp.cdsgroupe.com, 06 31 87 75 13

Andera

Nicolas Delsert, n.delsert@anderapartners.com, 06 22 67 71 17

Mathilde Boizon, Bien Commun Advisory, m.boizon@bcadvisory.fr, 06 63 79 62 58

IDI

Tatiana Nourissat, t.nourissat@idi.fr, 01 55 27 80 00

Jérôme Goeer, j.goaer@verbatee.com, 06 61 61 79 34[/vc_column_text][/vc_column][/vc_row]

• SIAP, Italy’s premier ERP provider for travel management companies (TMCs), serving over 1,000 clients, joins CDS Groupe, Europe’s leading hotel booking and payment solutions platform for business travel.

• SIAP’s 90 employees bring CDS Groupe’s total workforce to over 450, with offices in six European countries (France, Germany, Italy, Poland, Croatia, Romania) and an annual hotel booking volume of €800 million.

• “This milestone acquisition reinforces our leadership position and aligns with our ambition to achieve €1 billion in business travel hotel bookings within the next three years,” said Ziad Minkara, Group CEO.

Paris, Wednesday, November 27, 2024

CDS Groupe, the French leader in hotel booking and payment solutions for corporate clients and travel management companies (TMCs), has announced the acquisition of SIAP, a historic Italian company with over 40 years of experience in developing software for the tourism and business sector.
As part of the deal, SIAP, whose ERP software is used by over 1,000 Italian TMCs, will join the Group but remain autonomous, with no changes in terms of management structure or brand.

Investing in Excellence and Innovation

CDS Groupe’s robust financial performance enables it to make strategic investments that benefit its clients and the broader market. These include:

• Technological innovation to enhance payment solutions at a European level,
• The expansion of its service offerings, ensuring seamless delivery across all operational markets,
• Investments in market expertise, ensuring tailored, high-quality service through local specialists.

“This acquisition reflects CDS Groupe’s commitment to innovation and excellence. With the integration of SIAP, we gain not only a stronger foothold in the Italian market but also access to advanced ERP technologies and a deep understanding of local travel management practices. This news also means that we are now on target to hit €1 billion in annual hotel booking volume by 2027. Watch this space for more acquisition news as we continue consolidating the market– including plans for entering into the Anglo-Saxon market. » said Ziad Minkara.

Enhancing Corporate Services Across Europe

The acquisition also brings the inclusion of SIAP’s innovative Methodica solution, which specializes in services for TMCs and corporates. These tools will be rolled out across the Group, enhancing its value-added services and strengthening its ability to meet the needs of its corporate clients.
Antonio Rosa, founder of SIAP, commented:
“Joining CDS Groupe allows us to combine SIAP’s expertise with the Group’s extensive resources and network, creating new opportunities to serve our clients better. We are excited about the journey ahead as we contribute to building Europe’s leading business travel solutions platform.”

About SIAP

Founded more than four decades ago, SIAP has revolutionized the Italian software market, standing out as a pioneer in introducing cloud technology even before the advent of the internet, and more recently, artificial intelligence for business travel. With a suite of innovative and high-performing solutions, SIAP has supported major Italian companies in business travel, tour operating, travel agencies, and MICE sectors. SIAP’s history has been marked by a strategy strongly oriented towards understanding market needs. The company’s offerings have always been guided by a special focus on its users, enabling the constant evolution of its software solutions to address the challenges of a continuously transforming sector successfully.

https://www.siapcn.it/

Press contact: Rebecca XERRI – rxerri@pp.cdsgroupe.com

Paris, April 2024 – CDS Groupe, the hotel marketplace of business travel, is pleased to confirm the successful upgrade to Booking.com’s latest API version (version 3.1).

This reflects CDS Groupe’s commitment to proposing the most accurate and up to date technical integrations to offer the best experience to its clients and partners.

“We are thrilled to introduce Booking.com api V3 to our platform, offering our users unparalleled benefits and an enhanced booking experience” said Hugo Vicherat, VP product and partnerships at CDS Groupe”. This integration reflects our commitment to delivering top-notch services and ensuring customer satisfaction.”, says Hugo Vicherat, VP OBT Stratégies Partenariats.

« We’re excited to see CDS Groupe as one of our first partners to seize the opportunity to upgrade to V3.1, the latest version of our Demand API, » said John Almeida, Partnerships Product Director at Booking.com. “This new version has been rebuilt from the ground up to empower partners to provide better services for their customers while also bringing added value with performance, scalability and a better developer experience. Version 3 will see the future addition of non-accommodation products and will unlock new rate types, creating even more future growth opportunities for our partners.” says John Almeida, Director of Products and Partners at Booking.com.

This new technological integration aligns perfectly with the CDS Groupe’s strategy. As a European technology player, the CDS Groupe aims to meet the evolving expectations of corporations and offer travelers the highest quality experience across all markets. The goal is to integrate the best rates and services while adhering to CSR policies and maintaining data and employee security.

[/vc_column_text][vc_single_image image= »4055″ img_size= »full » alignment= »center »][vc_custom_heading text= »About Booking.com: » use_theme_fonts= »yes »][vc_column_text]

Part of Booking Holdings Inc. (NASDAQ: BKNG), Booking.com’s mission is to make it easier for everyone to experience the world. By investing in the technology that helps take the friction out of travel, Booking.com’s marketplace seamlessly connects millions of travelers with memorable experiences every day.
For more information, follow @bookingcom on social media or visit globalnews.booking.com.

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The platform, which is highly intuitive, was developed in collaboration with hoteliers, restaurateurs and carbon experts. Clorofil uses ADEME’s Bilan Carbone® method to calculate all direct and indirect greenhouse gas emissions emitted by the establishment in 5 major categories: energy, purchases, waste, hotel/restaurant services and mobility.

Clorofil helps you reduce your GHG emissions

Once the carbon footprint has been measured, the users can subscribe to an offer to manage their GHG emissions from their accounts. They then establish goals for reducing emissions, gain access to resources that help achieve these goals, and as a result, decrease their carbon footprint.

In addition to its technical solution, which enables users to promote and communicate their carbon footprint, Clorofil also offers tailor-made support for those wishing to go further:

– Consulting services: assistance with data collection and integration, analysis of results and on-boarding of employees to implement the action plan.

– Training: support throughout the certification process, climate fresco, CSR initiation, eco-related workshop.

“We are delighted to be partnering with Clorofil. With growing awareness of the environmental and social challenges facing our society, new expectations have emerged. We’ve set ourselves the goal of supporting this momentum, but also of leading the industry in this transformation. Raising hotels’ awareness of customer expectations is a key point, and Clorofil will be a perfect partner in this effort.”

Maeva Etheve, CSR Manager CDS Groupe

Cytric customers will be able to benefit from the entire CDS Groupe offering, including :

• Comprehensive content including all major OTAs, GDS content and aggregators such as Amadeus Value Hotels (AVH)
• Competitive rates including negotiated corporate program
• Integrating payment methods
• Customizable billing and reporting tools
• Personalized support from hospitality experts

The hotel content and booking process will be fully integrated into Cytric by Amadeus, including rates negotiated in line with the company’s travel policy.

The partnership between these two technology players will combine the implementation of customized hotel programs, rate optimization and expense control for their customers.

« This partnership with Amadeus is an obvious choice for supporting our corporate customers and agency partners. This partnership is in line with the Group’s strategy and completes our integration with Amadeus and the Amadeus Value Hotels offer. This partnership will accelerate our international expansion. The technological synergy between the two companies will provide companies with more advanced functionalities, enabling them to better meet the requirements and expectations of all markets, including France and Europe! says Ziad Minkara, CEO of CDS Groupe

Bertrand Poey, Managing Director, France and Gestour, Amadeus adds, « Cytric is our corporate travel booking and management tool, simplifying the user experience while respecting corporate travel policies. We’re delighted to extend our agreement with CDS Groupe to give business travellers using Cytric access to a wider range of hotels. »

About Amadeus

We work to bring a better travel experience to people everywhere by promoting innovation, partnership and responsibility for people, places and the planet.

Our technology is driving the travel industry forward. She instills more open ways of working. More connected, traveler-centric ways of thinking. Our open platform connects the entire international travel ecosystem. From startups to major industry players and governments. Together, we’re rethinking tomorrow’s journey.

We work to transform travel into a force for social and environmental good. We have a collective responsibility to protect and enhance the people and places we visit, ensuring that travel continues to make a positive contribution to our world.

We put innovation at the service of new needs, to meet real challenges. We’re an international, diverse company with over 150 nationalities represented among our employees. Our employees are passionate about travel and technology.

We are listed on IBEX 35, the Spanish stock exchange, under the ticker AMS.MC. And we’ve been recognized by the Dow Jones Sustainability Index for the past eleven years.

To find out more about Amadeus, visit www.amadeus.com.

CDS Groupe, France’s independent and technological player in the business hotel sector, enters the German market with the acquisition of CRC (Corporate Rate Club) to meet market demand for business accommodation solutions and services.

This acquisition strengthens CDS Groupe’s global position in Europe, which now covers France, Germany, Italy, Poland and Croatia.

CRC, based in Stralsund and recognized in Germany for over 20 years, will join the CDS Group and remain autonomous.

CDS Groupe and CRC share the same DNA: service and innovation. By joining forces, we will create a purchasing power of 800 million euros and demonstrate our ability to satisfy our corporate customers in terms of cost savings and technological agility to serve them.

 » This acquisition is designed to strengthen the execution of CDS’s strategy and accelerate its international expansion. Thanks to its strong relationships with customers and suppliers, CDS Groupe will ensure that the new group has the best product offering in each country, and will also be able to draw on the expertise of CRC teams. We’re delighted to be joining the CRC team. The group will now employ 300 people « said Ziad Minkara, CEO CDS Groupe & President Goelett.

 » We are delighted to be part of CDS Groupe’s success in Europe and beyond, » added Michael Krenz, CEO Corporate Rate Club.

About Corporate Rate Club
As a hotel reservation portal, CRC offers its customers access to a wide range of accommodations of all categories worldwide, available stand-alone or integrated into an SBT. CRC is a pioneer in the optimization of hotel service processes: from booking and payment to the issuing and control of invoices down to the smallest detail. The company has been offering the best service on the German market since 2002, to the complete satisfaction of its customers and partners.
www.crc.ag

A leader in France, CDS Groupe provides solutions covering the entire hotel distribution value chain: sourcing, reservations, payment processing and reporting for companies.
Since its creation in 2001, CDS Groupe has gradually built up a reputation as a leader in the European business hotel market. Its in-depth knowledge of this market and its ability to listen carefully to the specific needs and constraints of its customers have enabled it to develop technological tools, payment solutions, integrations, standards and a very high level of security.

Referencing within the Selectour network is an obvious choice, as travel agencies today play an important role in business travel, with customers making new demands in terms of technology, respect for the environment and increasingly looking for the best rates in an inflationary context.
« As France’s leader and an expert in the hotel market, we need to provide maximum support to travel agencies by offering them a wide range of hotel content to meet the needs of end customers at attractive rates. Our business model, already appreciated by many travel agencies, allows us to build a relationship of trust through a transparent business model, » says Ziad Minkara, CEO of CDS Groupe.

Selectour is the leading network of independent travel agencies in France, with more than 1,000 member agencies throughout the country and the French overseas departments.
Both in travel agencies and online, the group offers a very wide range of products, from holidays to business trips. Its negotiating power with suppliers means it can offer the best prices, completely independently.
The Cooperative organisation is characterised by the involvement of its members: all the directors are entrepreneurs, who put their expertise at the service of the group. This cooperative nature gives the network unique agility and responsiveness.

With 450 agencies and offices throughout France, Selectour Affaires is the leading French actor in business travel. Our presence in all regions means that we are the key contact for multi-site companies.
Our teams of experts are based throughout France and receive regular training so that they can deal effectively with all requests, even the most complex.

« We are delighted with this partnership, which is part of our ongoing technological growth drive. It’s a real step forward for Selectour Affaires, and this platform will help to make the customer experience of booking hotels smoother and easier, » declares Laurent Abitbol, Chairman of Selectour’s Management Board.

CDS Groupe works closely with the technological actors in the industry and the travel agency environment, i.e. SBTs and back offices, to ensure that travel agencies can automate their processes. The tripartite relationship between CDS Groupe, the back office tool and the payment solution chosen by the agency enables easy and automated accounting processing (reconciliations and allocations).

The SHe Travel Club label is the first to rate hotels on the basis of specific criteria to improve travel for women. Many travel managers’ associations in France, Italy and the UK have pledged to give priority to bookings in hotels certified by the SHe Travel Club.

In response to this demand and to help improve travel for women, CDS has chosen to make the label visible on its booking platform, to help female travellers and Travel Managers identify SHe Travel Club-certified establishments via a filter. This is a real opportunity to improve the visibility of hotels that have already been certified and to highlight their certification, thereby encouraging the entire hotel sector to apply for SHe Travel Club certification.

For Valérie Hoffenberg, founder of the SHe Travel Club, this is a major step forward both for the hotel sector and for enabling women to progress in their careers, as travel is a very important element in a company’s development: « I welcome the decision by CDS and its chairman to make our label visible and to contribute with us to improving travel for women ».

« She Travel Club’s mission is in line with the values and mission of CDS Group. The safety of female employees is a key issue today, and it is essential to have information available before a booking is made, » says Nicolas Besse, VP Procurement.

About SHe Travel Club

« SHe, Safe & happy everywhere » is SHe Travel Club’s promise to all women travelling for personal or professional reasons. The company was born of Valérie Hoffenberg’s observation and her commitment to parity: although women occupy a major place among hotel guests, their needs are not fully met. SHe Travel Club helps hoteliers to rethink their offer and labels them according to 4 key pillars: safety, comfort, services and catering.

About CDS Groupe

A leader in France, CDS Groupe provides solutions covering the entire hotel distribution value chain: sourcing, reservations, payment processing and reporting for companies.

Since its creation in 2001, CDS Groupe has gradually built up a reputation as a leader in the European business hotel market. Its in-depth knowledge of this market and its ability to listen carefully to the specific needs and constraints of its customers have enabled it to develop technological tools, payment solutions, integrations, standards and a very high level of security.

Press release: Following the IFTM by CDS Groupe Hackathon on October 1st and 2nd, during which several teams competed to develop new services for the business hotel industry, CDS Groupe has positioned itself as a technology and BtoB platform editor. The business hotel marketplace announces its collaboration with the team that won the President’s Award, a special prize for its innovative proposal that meets a need identified by CDS Group.

Business Lab is a hybrid digital agency that redefines customer experiences through the lens of brand, digital and commerce. With 120 employees and four different sites in Paris, Lyon, New York and Switzerland, Business Lab is part of the Arneo brand and brings together all the digital expertise.

CDS Group responds with this collaboration to a market that is not yet addressed. If some products exist, on the hotel part, it is a strong innovation. The hotel reservation marketplace is thus positioning itself on group reservations and adding a significant string to its bow.

The objective of this R&D collaboration for CDS Group, whose main targets will be tour operators, is to improve the user experience in group reservations, to simplify this process and to make it more efficient, in particular with a synchronization tunnel allowing immediate verification of availability. The co-constructed platform will improve the booking process and refine the needs of agencies with the immediate introduction of a highlighted booking process and the possibility of specifying one’s needs in a complementary field.

The hackathon by CDS will therefore give birth to an innovative solution that meets a real need in the first quarter of 2020, thanks to the Business Lab and CDS Group alliance.

About CDS Group:

CDS Group is a French company, dynamic, 100% independent and committed to its customers. Its Marketplace meets the needs of corporate clients, agencies and public administrations. CDS Group provides access to a hotel database with 1.5 million establishments. The CDS Network is composed of an open and dynamic ecosystem, strategic partnerships for the benefit of our clients and a development methodology that is 100% compatible with the industry’s offerings and innovations.

Contact: Ziad Minkara, Managing Director, zminkara@pp.cdsgroupe.com – (+33) 01 80 22 00 22

About Business Lab:

For 20 years, Business Lab has been helping its clients anticipate and optimize the digitalization of consumption. Our strong technological heritage fuels all of our initiatives and allows us to leverage new technologies to support our marketing, communication and sales strategies. We offer our clients a major competitive advantage: agility, boldness and the ability to adapt to a changing environment.

Contact: Nathalie GUIET – General Manager – Business Lab, 37-41 rue Fernand Pelloutier 92100 Boulogne-Billancourt – +33 6 13 18 85 26