Houlihan Lokey Advises Vision-Box

Houlihan Lokey is pleased to announce that the co-founders and Keensight Capital have sold Vision-Box, a leading end-to-end solutions provider with a software-centric platform for seamless journeys based in Portugal, to Amadeus, for an enterprise value of approximately €320 million. This transaction closed on April 30, 2024.

Founded in 2001, Vision-Box is a visionary pioneer and leading global provider of solutions for air travel, border control, and ID management applications offering an outstanding multistakeholder software orchestration platform for end-to-end traveler-centric ecosystem management, coupled with highly complementary, state-of-the-art biometric hardware touchpoints. Vision-Box is a fast-growing global business with expected 2023 revenues of c. €70 million.

Keensight Capital has been an investor in Vision-Box since 2015, alongside the co-founders Miguel Leitmann and Bento Correia, and has supported the company and its management during a period of very strong growth. Vision-Box benefitted from a fast growing demand for biometrics and border control solutions, driven by the travel industry’s increased focus on the digitalization of the passenger journey to improve the experience of travel, meet operational pressures, and deliver against regulatory demands.

Amadeus is a major multinational technology company that powers the global travel and tourism industry and makes the experience of travel better for everyone, everywhere. The acquisition of Vision-Box will bring new capabilities around biometrics hardware and software to Amadeus, adding border control solutions to the Amadeus portfolio. Through this combined offering with Vision-Box, Amadeus will now be able to deliver a full end-to-end seamless passenger experience from booking to arrival at the airport through border control and boarding.

Houlihan Lokey served as the exclusive financial advisor to Keensight Capital and the Vision-Box teams, successfully assisting in initiating, structuring, and negotiating the transaction on their behalf. 

This transaction highlights (i) Houlihan Lokey’s expertise and continued success in software-centric security and identification management businesses; (ii) local entrenched relationships in identifying the opportunity and leveraging global buyer networks throughout a competitive process; (iii) the powerful combination of the firm’s Industrials and Technology groups; (iv) and synergistic execution capabilities between Frankfurt, Madrid, and New York offices.