SkyBuys acquires RainCheck technology business and IP

Travel retail technology company SkyBuys has acquired technology partner RainCheck for cash and scrip (a temporary document that represents a portion of a share of stock).

On completion, RainCheck shareholders, including co-founders, will account for around 30 per cent of the merged group.

The companies have worked together since 2017, during which time SkyBuys established a strong working relationship with the RainCheck directors and their investors. RainCheck developed the mobile commerce technology that SkyBuys’ duty free platform and app was built on, and the RainCheck team will be an important part of the SkyBuys’ technology build going forward.

RainCheck co-founder Cameron Wall, a technology professional who has spent the last two decades building mobile retail and loyalty programmes, will join the SkyBuys core advisory team in a non-executive role. This team is comprised of professionals with extensive experience across travel retail, airport and technology sectors, including Philip Corne (ex-CEO Louis Vuitton Oceania), Glyn Williams (ex-GM of Sydney Airport retail), and Georg Hinterleitner (ex-APAC GTR Director of Moët Hennessy).

The acquisition of RainCheck by SkyBuys follows a number of successful joint projects, including a proof of concept with Airbus in Hamburg. The deal is timed to exploit the trend to digital and contactless transactions across the aviation industry following the COVID-19 pandemic.

Travel retailers expect a material increase in online transactions next year, and the SkyBuys app is well positioned to gain traction as passengers will rely more on their smartphones to shop for duty free, SkyBuys said.

SkyBuys CEO Alec Kemmery said that the RainCheck mobile commerce technology has a variety of applications within the US$80 billion global travel retail market. SkyBuys’ initial focus will be the application of the technology in duty free transactions and payments.

“The technology has the ability to engage with passengers before, during and after travel,” Kemmery said. “SkyBuys captures real-time, contextual and relevant data so we can learn more about passengers and products, and this will allow brands and retailers to maximise duty free opportunities as international travel reopens.”

SkyBuys said that it has secured the interest of global groups and leading brands in its online platform. Several trials and proof of concept projects are set to commence with SkyBuys across Australian and regional airports after COVID-19 travel restrictions are lifted.