India's Cleartrip acquires Saudi online travel firm

India's online travel agency Cleartrip has acquired Flyin, an online travel company in Saudi Arabia, in its effort to capitalize on the growing shift to online in the Middle East and North Africa (MENA) region, the company said in a press statement.

The deal is considered one of the largest in the MENA travel sector with the combined company having more than 60 percent of the regional market share.

Stuart Crighton, chief executive officer, Cleartrip, said: “Building on Saudi Arabia’s evolving entrepreneurial ecosystem, Flyin has firmly established itself as the leading player in the Kingdom’s online travel market.  We will leverage each other’s strengths to enhance product development and customer experience.”

The transaction will enable both companies to leverage new technologies, talents and business intelligence to strengthen their travel offerings to cater to a diverse global customer base, the statement added.