The European travel technology sector has seen its first major financial collapse of the current recession - BlueSky Travel Systems, based in Manchester, UK, has gone into administration this week.
The company employs around 100 people and counts Thomas Cook, Mark Warner, First Choice and Slattery’s Travel amongst its roster of clients.
Rumours of BlueSky's demise were confirmed by Steve Driscoll, former managing director and founder who still has a financial interest in the business.
BlueSky launched in 2002 and captured its jewel in the crown, Thomas Cook Group, in 2006 in what was believed to be a £20 million contract to overhaul TCG's online and retail reservation systems.
The collapse marks a spectacular fall from grace after BlueSky was placed in 12th position in the UK's Sunday Times TechTrack 100 table of Fastest Growing Private Technology Companies in 2008.
The fate of the Thomas Cook contract is still unknown.
However, a statement from Ludger Heuberg, CEO for group operations and acting CFO, Thomas Cook Group, said:
“We are saddened to learn that our software partner BlueSky has gone into administration.
"We intend to monitor the position of the administration closely and we will consider our options in order to best protect Thomas Cook’s interests and to establish the best possible position regarding the future delivery of the contract previously held by them.
"Our thoughts are with those at BlueSky at this time, and we will be in regular contact with the administrators to understand their intentions with the company.
"In the meantime, BlueSky’s administration will not have any impact on the day-to-day operations of our business.”