RED HERRING | ITA Nabs $100M in Equity Deal

"ITA Software, which develops IT platforms and services for the airline industry, announced Wednesday it took in $100 million in equity financing.

The funding was led by Battery Ventures with participation from General Catalyst Partners, PAR Investment Partners, Sequoia Capital, and Spectrum Equity.

Michael Moritz, general partner at Sequoia, said the timing was right to invest in ITA, because of the many economic woes currently besetting the airline industry.

�Most airlines still depend on software and systems developed before Woodstock,� Mr. Moritz said. �The only airlines that will prosper in the future are those that embrace fresher technology and the Internet.�

He predicted ITA�s approach would help airlines save money, allow travel agencies to offer higher-value packages to customers, and �usher in the era of worldwide self-service.�"