Norwegian State-owned Nettbuss Invests In Turnit
Norway’s leading bus operator, Nettbuss (now Vy Buss), will buy 15% of the Estonian travel technology company Turnit, specializing in developing and operating passenger transport ticket reservation systems. The companies have also signed a substantial agreement for the implementation of Turnit's technology on Nettbuss commercial express lines in Norway and Sweden.
Shared ambition and goal
According to Andres Osula, Chairman of the Supervisory Board of Turnit, the Norwegians will become strategic investors in the company. “The technology company, which initially emerged from the IT department of the Tallinn Bus Station, has outgrown the status of a start-up company and this transaction no longer qualifies as typical start-up funding.” He adds that even though Turnit is currently able to serve its customers and develop the product without extra funding, the investment by Nettbuss and their profound knowledge of the sector gives even greater leverage in becoming a key Global player in the field.
According to Andres Birnbaum, CEO of the Turnit, Nettbuss was initially contacted to establish a customer relationship. However, during the course of negotiations, it appeared that the interest of the Norwegians toward the company was more than just using innovative ticket reservation solution. “The people at Nettbuss quickly understood the real ambition behind the software of Turnit and its potential in road transport industry. From aviation, we are familiar with the airline distribution system Amadeus, which was jointly established by major airlines in the 1980s. In road transport, however, no analogous solutions have yet to be created. We believe the software created by Turnit has the capability to become such a platform,” Birnbaum explained.
“Our customers are increasingly becoming digital, and taking our digital offering to the next level is fundamental to maintain our position as the No. 1 express coach network in Scandinavia. We are confident that this partnership with Turnit will give us access to most innovative technology and best know-how in the industry”, says Mr. Ståle Nistov, CEO of Nettbuss Travel in Norway.
According to Andres Osula, including the Norwegian state-owned company amongst shareholders provides unprecedented access to international contacts and promotes entry into new markets. “While the big news from last spring was the breakthrough of Turnit into France through client contract with Transdev, current deal with Nettbuss will advance the Estonian-made bus ticket reservation solutions to the Scandinavian market,” he explained.
Turnit utilizes similar advanced revenue generating capabilities, which have been used in the aviation industry for the last 20 years. This means that each seat can have its own price based on actual demand, allowing operators to efficiently utilize resources and maximize yield across all distribution channels. All sales are processed in real time against the same inventory, even on board the vehicles.
Nettbuss is one of the largest bus operator in the Nordic region with a turnover of EUR 670 million, 3300 buses and 7400 employees, and more than 113 million passengers in Norway and Sweden using its services each year. Nettbuss is Scandinavia’s largest operator of long distance commercial coaches through its subsidiary Nettbuss Travel, which operates a network covering Norway, Sweden and Denmark.
Turnit is helping its clients to drive and steer their operations with its scalable, cloud-based reservation, ticketing and inventory management system. Keep an eye on our blog for the latest news from our team.
Turnit, a travel technology company digitalising ticket reservation management solutions of passenger transport industry. Through long term partner relationship Turnit helps transport operators maximize revenue, streamline business processes and popularize the use of public transportation.