# 99 — Source Ledger

**Compiled:** 2026-07-26 · **Rule:** every extracted page lands in `research/raw/` and gets a row here. The audit trail is the defence against hallucinated citations.

**Evidence tiers**
- **A** — company filings, IR pages, the acquirer's own release, official docs/blogs, or the live product itself
- **B** — credible trade press and analysts (Skift, PhocusWire, Arival, Travel Weekly, Tech in Asia, DealStreetAsia, Momentum Works, Jakarta Globe, TechNode)
- **C** — blogs, forums, LinkedIn, vendor marketing, aggregators (Tracxn, LeadIQ, getlatka), comparison/SEO articles

**Status labels** — `[VERIFIED]` shipped and observable · `[ANNOUNCED]` stated but unverified · `[INFERENCE]` reasoning, shown

> ⚠️ **Tier C sources appearing below were used for cross-checking or are recorded as traps to avoid. They are never the sole basis for a claim.** Specifically excluded as false: the `businessmodelcanvastemplate.com` assertion that Accel-KKR acquired Rezdy (refuted against Accel-KKR's own portfolio page); and BeamStart's causal rewrite of the TipTip margin claim.

---

## A. SatuSatu & TipTip grounding

# Sources — Grounding Block Re-Verification (SatuSatu / TipTip)

All accessed **2026-07-26**.
Tiers: **A** = filings / IR / official docs & blogs / the live product. **B** = credible trade press. **C** = blogs, aggregators, VC newsletters, vendor marketing, LinkedIn, app-store-adjacent listings.

## Tier A — live product & official company documents

| URL | Publisher | Pub / last-updated date | Accessed | Tier | Local copy |
|---|---|---|---|---|---|
| https://satusatu.com (`/en-US`) | SatuSatu (PT Tiptip Network Indonesia) | live | 2026-07-26 | A | `satusatu-home.md` |
| https://satusatu.com/en-US/baliallaccess | SatuSatu | live | 2026-07-26 | A | `satusatu-baliallaccess.md` |
| https://satusatu.com/en-US/discovery | SatuSatu | live ("Showing 253 results") | 2026-07-26 | A | — (WebFetch + tvly) |
| https://satusatu.com/en-US/catalog/universal-studios-singapore | SatuSatu | live | 2026-07-26 | A | `satusatu-uss-catalog.md` |
| https://satusatu.com/en-US/terms-and-conditions | SatuSatu | last updated 2026-01-19 | 2026-07-26 | A | `satusatu-terms.md` |
| https://satusatu.com/en-US/privacy-policy | SatuSatu | last updated 2026-01-19 | 2026-07-26 | A | `satusatu-privacy.md` |
| https://satusatu.com/inspiration/launch-news | SatuSatu (own press release) | dateline 2026-05-06 | 2026-07-26 | A | `satusatu-launch-news.md` |
| https://apps.apple.com/il/developer/pt-tiptip-network-indonesia/id1615771125 | Apple App Store (official developer listing) | live | 2026-07-26 | A | — |
| https://apps.apple.com/id/app/tiptip-event-concert-ticket/id1615771123 | Apple App Store | live | 2026-07-26 | A | — |
| https://east.vc/news/press-release/tiptip-announces-series-a-funding-led-by-east-ventures | East Ventures (investor press release) | 2022-11-28 | 2026-07-26 | A | — |

## Tier B — trade press

| URL | Publisher | Pub date | Accessed | Tier | Local copy |
|---|---|---|---|---|---|
| https://technode.global/2026/05/04/indonesias-entertainment-facilitator-tiptip-achieves-profitability-to-expands-into-experience-platform/ | TechNode Global (Duc Dao) | 2026-05-04 | 2026-07-26 | B | fetch blocked to tvly; retrieved via WebFetch |
| https://www.techinasia.com/news/indonesian-platform-tiptip-turns-profitable-as-ai-drives-growth | Tech in Asia | 2026-05-04 | 2026-07-26 | B | `techinasia-tiptip.md` (partial, paywalled) |
| https://voi.id/teknologi/573878/... (ID) and https://voi.id/en/teknologi/573878 (EN) | VOI | 2026-05-05 | 2026-07-26 | B | `voi-tiptip-id.md`, `voi-tiptip-ebitda.md` |
| https://www.marketing-interactive.com/tiptip-rolls-out-ai-backed-bali-travel-pass-with-unlimited-attractions-access | Marketing-Interactive | 2026-05 (post-2026-05-06) | 2026-07-26 | B | `marketing-interactive-pass.md` |
| https://jakartaglobe.id/lifestyle/bali-allaccess-pass-targets-seamless-travel-for-international-visitors | Jakarta Globe (Endang Mulyani) | 2026-05-06 | 2026-07-26 | B | `jakartaglobe-pass.md` |
| https://www.businesstimes.com.sg/startups-tech/startups/indonesian-startup-tiptip-bags-over-us13m-series-funding-led-east-ventures | Business Times SG | 2022-11-28 | 2026-07-26 | B | — |
| https://www.businesstimes.com.sg/startups-tech/startups/content-creator-platform-by-ex-kudo-ceo-raises-us10m-led-by-east-ventures | Business Times SG | 2022-03-29 | 2026-07-26 | B | — |
| https://technode.global/2022/11/28/indonesias-tiptip-raises-over-13m-series-a-funding-led-by-east-ventures | TechNode Global | 2022-11-28 | 2026-07-26 | B | — |
| https://techcrunch.com/2022/11/27/tiptip-southeast-asia-creators | TechCrunch | 2022-11-27 | 2026-07-26 | B | — |

## Tier C — aggregators, VC newsletters, sponsored placements

| URL | Publisher | Pub date | Accessed | Tier | Note |
|---|---|---|---|---|---|
| https://digest.foundrycollective.id/p/283-net-revenue-growth-ebitda-positive | Foundry Collective (Substack, VC) | 2026-05-08 | 2026-07-26 | C | Investor-side newsletter; adds the "99% accuracy" + "AI ticketing rails" framing. `foundry-digest-tiptip.md` |
| https://beamstart.com/news/indonesias-entertainment-facilitator-tiptip-achiev | BEAMSTART | 2026-05-04 | 2026-07-26 | C | Rewrite of TechNode; adds causal wording and the "$23M" figure. `beamstart-tiptip.md` |
| https://dailysocial.id/p/ajaib-lifts-off-tiptip-turns-profitable | DailySocial newsletter | 2026-05 | 2026-07-26 | C | Newsletter digest |
| https://jakartaglobe.id/special-updates/satusatu-launches-bali-allaccess-pass-for-flexible-travel-experience | Jakarta Globe "Special Updates" | 2026-05-15 | 2026-07-26 | C | Sponsored/handout section, not newsroom |
| https://tracxn.com/d/companies/tiptip/... | Tracxn | n/a | 2026-07-26 | C | "$23M over 2 rounds" — unconfirmed aggregator |
| https://leadiq.com/c/tiptip/... | LeadIQ | n/a | 2026-07-26 | C | Says "$13M total" — contradicts Tracxn; both unreliable |
| https://play.google.com/store/apps/details?id=com.satusatu.mobile.app | Google Play | live | 2026-07-26 | C | Page exists (SatuSatu: Activities & Travel); developer field not retrievable |
</content>


---

## B. Group 1 — Destination-state model

# Sources — Group 1 (Destination-state model benchmark companies)

Verification pass only. All rows accessed **2026-07-26**.
Tiers: **A** = company filings / IR / official docs / official blog / the live product itself · **B** = credible trade press · **C** = blogs, forums, vendor marketing, listicles, aggregators.

| URL | Publisher | Publication date | Accessed | Tier |
|---|---|---|---|---|
| https://klook.gitbook.io/openapi | Klook (official docs) | undated (page shows "Last updated"; not surfaced) | 2026-07-26 | A |
| https://klook.gitbook.io/openapi/getting-started/integration-process | Klook (official docs) | undated | 2026-07-26 | A |
| https://www.klook.com/en-US/partner/ | Klook (live product) | live page | 2026-07-26 | A |
| https://merchant.klook.com/ | Klook (live product) | live page | 2026-07-26 | A |
| https://affiliate.klook.com/home | Klook (live product) | live page | 2026-07-26 | A |
| https://partner.klook.com/ | Klook (login-gated, Google OAuth) | live page | 2026-07-26 | A |
| https://www.sec.gov/ (Klook Technology Limited Form F-1) | SEC / Klook Technology Limited | filed publicly 2025-11-10 | 2026-07-26 | A |
| https://stockanalysis.com/stocks/klk/ | StockAnalysis.com (carries F-1 figures) | continuously updated | 2026-07-26 | C (data sourced from A) |
| https://www.reuters.com/business/travel-booking-platform-klook-makes-us-ipo-filing-public-2025-11-10/ | Reuters | 2025-11-10 | 2026-07-26 | B |
| https://www.reuters.com/world/asia-pacific/travel-booking-platform-klook-delay-us-listing-early-2026-bloomberg-news-reports-2025-12-02/ | Reuters (citing Bloomberg) | 2025-12-02 | 2026-07-26 | B |
| https://www.renaissancecapital.com (KLK IPO news) | Renaissance Capital | 2025-11 | 2026-07-26 | B |
| https://www.tradingview.com (KLK upcoming IPO) | TradingView | live | 2026-07-26 | C |
| https://www.businesstimes.com.sg (Klook to delay US listing to early 2026) | The Business Times | 2025-12-02 | 2026-07-26 | B |
| https://skift.com (Klook IPO Filing: What It Says About Global Travel Experiences) | Skift | 2025-11 | 2026-07-26 | B |
| https://tracxn.com (Klook funding rounds) | Tracxn | live | 2026-07-26 | C |
| https://support.rezdy.com (How To Connect to Klook) | Rezdy (vendor docs) | undated | 2026-07-26 | C |
| https://mysupport.roller.software (ROLLER + Klook integration) | ROLLER (vendor docs) | undated | 2026-07-26 | C |
| https://support.zaui.com (How to Connect Zaui with Klook) | Zaui (vendor docs) | undated | 2026-07-26 | C |
| https://code.getyourguide.com/ | GetYourGuide (official) — OPEN SOURCE page, **not** the API docs | live | 2026-07-26 | A |
| https://code.getyourguide.com/partner-api-spec/ | GetYourGuide (official) — "GetYourGuide API Reference", Swagger UI | live | 2026-07-26 | A |
| https://code.getyourguide.com/partner-api-spec/spec/api.yaml | GetYourGuide (official) — OpenAPI 3.0.0 spec, title "Partner Api" | live | 2026-07-26 | A |
| https://github.com/getyourguide/partner-api-spec | GetYourGuide (official GitHub) — public, last push 2026-07-21 | 2026-07-21 (last push) | 2026-07-26 | A |
| https://getyourguide.supply/ | GetYourGuide (official supply portal) | live | 2026-07-26 | A |
| https://www.getyourguide.supply/connectivity-partners | GetYourGuide (official) — Connectivity Hub / Connectivity Partner Program | live | 2026-07-26 | A |
| https://integrator.getyourguide.com/home | GetYourGuide (official integrator portal) | live | 2026-07-26 | A |
| https://supply.getyourguide.support/hc/en-us | GetYourGuide (official supply help centre) | live | 2026-07-26 | A |
| https://supplier.getyourguide.com/register/ | GetYourGuide (live product, supplier sign-up) | live | 2026-07-26 | A |
| https://partner.getyourguide.com/ | GetYourGuide (affiliate/content-creator programme) | live | 2026-07-26 | A |
| https://www.cnbc.com (GetYourGuide raises $194M at ~$2B) | CNBC | 2023 | 2026-07-26 | B |
| https://techcrunch.com (GetYourGuide books $194M at a $2B valuation) | TechCrunch | 2023 | 2026-07-26 | B |
| https://tracxn.com (GetYourGuide acquisitions: Gidsy 2013, IGottaGuide 2013, Guidatours 2021) | Tracxn | live | 2026-07-26 | C |
| https://en.wikipedia.org/wiki/GetYourGuide | Wikipedia | live | 2026-07-26 | C |
| https://docs.viator.com/ | Viator (official docs) | live | 2026-07-26 | A |
| https://docs.viator.com/partner-api/ | Viator (official docs) — Partner API home | live | 2026-07-26 | A |
| https://docs.viator.com/partner-api/technical/ | Viator (official docs) — Partner API v2.0 technical spec | live | 2026-07-26 | A |
| https://docs.viator.com/supplier-api/technical | Viator (official docs) — "Viator Reservation System API" (Redocly) | live | 2026-07-26 | A |
| https://partnerresources.viator.com/travel-commerce/technical-guide/ | Viator (official partner resource centre) | live | 2026-07-26 | A |
| https://partnerresources.viator.com — "Viator API certification: back-end checks" | Viator (official) | 2025-07-15 | 2026-07-26 | A |
| https://partnerresources.viator.com — "Viator API Certification" | Viator (official) | undated | 2026-07-26 | A |
| https://ir.tripadvisor.com/news-releases/news-release-details/tripadvisor-acquires-bokun-leading-software-provider-bring | TripAdvisor, Inc. (IR / PRNewswire) | 2018-04-20 | 2026-07-26 | A |
| https://www.prnewswire.com/news-releases/tripadvisor-enters-into-agreement-to-sell-thefork-to-american-express-for-700-million-302799948.html | Tripadvisor, Inc. (PRNewswire) | 2026-06-15 | 2026-07-26 | A |
| https://www.sec.gov (Tripadvisor, Inc. Form 10-K — "over 300,000 experiences and over 50,000 experience operators") | SEC / Tripadvisor, Inc. | FY2025 10-K | 2026-07-26 | A |
| https://www.sec.gov (Tripadvisor 8-K EX-99.1 — Starboard cooperation agreement, board expands 8→10) | SEC / Tripadvisor, Inc. | 2026 | 2026-07-26 | A |
| https://www.starboardvalue.com (letter to Tripadvisor board) | Starboard Value LP | 2026-02-17 | 2026-07-26 | A (of Starboard's own position) |
| https://skift.com — "Tripadvisor Faces New Investor Pressure to Spin Off Viator" | Skift | 2026 | 2026-07-26 | B |
| https://skift.com — "Tripadvisor and Starboard Value Make Peace" | Skift | 2026 | 2026-07-26 | B |
| https://www.travelweekly.com — "TripAdvisor acquires tours/activities tech firm" | Travel Weekly | 2018-04-23 | 2026-07-26 | B |
| https://www.phocuswire.com — "TripAdvisor acquires Viator ... for $200M" | PhocusWire (orig. Tnooz) | 2014-07 | 2026-07-26 | B |
| https://www.bokun.io — "Bókun's Step-by-Step Guide to Become a Klook Supplier" | Bókun (Tripadvisor company) | 2026 | 2026-07-26 | A (of Bókun's own posture) |
| https://rezio.io/home | rezio / KKday (official) | live | 2026-07-26 | A |
| https://rezio.io/about | rezio (official) — legal entity "Kkday.com International Company Limited (Taiwan)", established 2014-05-13 | live | 2026-07-26 | A |
| https://rezio.io ("KKday or rezio?" ZH page) — "自 2020 年上線以來" ("since going live in 2020"), 5,000+ operators | rezio / KKday (official) | live | 2026-07-26 | A |
| https://developer.rezio.io/ | rezio (official) — "rezio Developer Portal", public | live | 2026-07-26 | A |
| https://developer.rezio.io/docs/open-api/en/ | rezio (official) — "rezio Open API Reference (English)" | live | 2026-07-26 | A |
| https://developer.rezio.io/sources/open-api/en.yaml | rezio (official) — OpenAPI spec file, no login | live | 2026-07-26 | A |
| https://help.rezio.io — "Admin Channel Manager \| Channel" (lists Viator, GetYourGuide) | rezio (official help centre) | live | 2026-07-26 | A |
| https://help.rezio.io — "Channel Management \| Viator: Connect Channel" | rezio (official help centre) | live | 2026-07-26 | A |
| https://b2d.kkday.com/ | KKday (official B2D distributor platform, login-gated) | live | 2026-07-26 | A |
| https://www.kkday.com (Press page) | KKday (official) | live | 2026-07-26 | A |
| https://www.prnewswire.com — "KKday Marketplace Expands Footprint in Southeast Asia" ("after launching the rezio booking system in 2020") | KKday via PRNewswire | 2021-12 | 2026-07-26 | A |
| https://www.pata.org — "Rezio Celebrates Its 3RD Birthday With Freebies" (Singapore, 5 Apr 2022) — **link now 404s; only search-index snippet available** | PATA (member news, rezio-supplied) | 2022-04-05 | 2026-07-26 | B/C |
| https://www.taiwannews.com.tw — "Taiwan travel platform KKday raises US$20 million" ("Since March 2020, KKday has been promoting Rezio") | Taiwan News | 2022-07-16 | 2026-07-26 | B |
| https://www.forbes.com — "Taiwan's Travel Superapp KKday Receives $70 Million Investment" | Forbes | 2024-12-05 | 2026-07-26 | B |
| https://skift.com — "Taiwan's KKday Raises $70 Million" | Skift | 2024-12 | 2026-07-26 | B |
| https://en.wikipedia.org/wiki/KKday (brands: KKday, Rezio, FineDay, Activity Japan) | Wikipedia | live | 2026-07-26 | C |
| https://tracxn.com (KKday: $197M total, latest Series D 2024-12-05) | Tracxn | live | 2026-07-26 | C |
| https://github.com/headout/api-docs | Headout (official GitHub) — public, **last push 2024-07-29**, 127 commits | 2024-07-29 (last push) | 2026-07-26 | A |
| https://partner.headout.com/ | Headout (official) — affiliate/agent Partner Program, "10,000+ activities & attractions" | live | 2026-07-26 | A |
| https://hub.headout.com/ | Headout (official) — supply-side "Hub" portal | live | 2026-07-26 | A |
| https://hub-help.headout.com/hc/en-us/articles/8397570458525-Our-automated-connectivity-options | Headout (official help centre) — "We have integrated top channel managers in the industry" | live | 2026-07-26 | A |
| https://hub-help.headout.com/hc/en-us/articles/8397658924189-Non-automated-product-connectivity-options-with-Headout | Headout (official help centre) | live | 2026-07-26 | A |
| https://newsroom.headout.com/news/headout-has-acquired-yc-backed-dabble-to-bring-ai-to-real-life-experiences | Headout (official newsroom) | 2026-06 | 2026-07-26 | A |
| https://www.phocuswire.com — "Tours and activities platform Headout acquires Dabble" | PhocusWire | 2026-06 | 2026-07-26 | B |
| https://indianstartupnews.com — Headout acquires Dabble (Toronto) | Indian Startup News | 2026-06-17 | 2026-07-26 | B |
| https://www.moneycontrol.com/technology/headout-acquires-yc-backed-dabble-to-bring-ai-to-real-life-travel-experiences-article-12738161.html | Moneycontrol | 2026-06 | 2026-07-26 | B |
| https://www.palisis.com/integrations/headout ("Sell through Headout integration") | Palisis (vendor) | live | 2026-07-26 | C (A for Palisis' own posture) |
| https://support.ventrata.com/connectivity/reseller-connections/headout-reseller-connection | Ventrata (vendor help centre) | live | 2026-07-26 | C (A for Ventrata's own posture) |
| https://support.ventrata.com — "Bókun Operator Connection" ("Bókun, part of Tripadvisor") | Ventrata (vendor help centre) | live | 2026-07-26 | C |
| https://techcrunch.com — "Headout ... grabs $30M more in funding" (Series B, Glade Brook Capital) | TechCrunch | 2022-02 | 2026-07-26 | B |
| https://inc42.com — Headout funding ($64.2M+ total, 5 rounds) | Inc42 | live | 2026-07-26 | C |

## Files saved to research/raw/ by this pass

- `klook-gitbook-openapi.md`, `klook-partner-page.md`, `klook-partner-page.html`, `klook-stockanalysis-klk.md`
- `gyg-code-partner-api.md` (open-source page), `gyg-supply-portal.md`, `gyg-connectivity-partners.md`, `gyg-partner-api-spec-repo.md`, `gyg-api-getyourguide.md`
- `viator-docs-home.md`, `viator-partner-api.md`, `viator-supplier-api.md`, `tripadvisor-ir-bokun-2018.md`, `trip-thefork-amex.md`
- `rezio-home.md`, `rezio-about.md`
- `headout-github-api-docs.md`, `headout-automated-connectivity.md`, `headout-dabble-acquisition.md`, `palisis-headout-integration.md`
- Search transcripts: `s-klook-*.txt`, `s-gyg-*.txt`, `s-viator-*.txt`, `s-trip-*.txt`, `s-kkday-*.txt`, `s-rezio-*.txt`, `s-headout-*.txt`, `map-klook-gitbook.txt`, `map-gyg-code.txt`


---

## C. Group 2 — Curated / pass / concierge

# Sources — Group 2: Curated / pass / concierge cohort

Verification sweep only (existence, ownership, mechanic). Accessed 2026-07-26 unless noted.
Tier A = filings / IR / official docs / official blog / live product page. Tier B = credible trade press. Tier C = blogs, forums, SEO listicles, vendor marketing, aggregators.

| # | URL | Publisher | Pub date | Accessed | Tier | Used for |
|---|-----|-----------|----------|----------|------|----------|
| 1 | https://gocity.com/en/new-york/terms | Go City (Leisure Pass Group) | undated (T&C, references 1 Apr 2025 change) | 2026-07-26 | A | Explorer / All-Inclusive / Essentials / Single Ticket mechanics; 30 vs 60 day rule; 12-month activation window |
| 2 | https://gocity.com/en | Go City | undated | 2026-07-26 | A | 25+ destinations, 1500+ attractions, 7.5m active users (self-reported) |
| 3 | https://newsroom.gocity.com/ (About Go City; 25-years-of-London-Pass release, 18 Nov 2024) | Go City Newsroom | 2024-11-18 | 2026-07-26 | A | "25+ destinations"; "65% of global market share" (self-claim); Smart Destinations / Leisure Pass origin story |
| 4 | https://gocity.com/en/blog/sightseeing-pass-discount | Go City | undated (post-Jun 2025) | 2026-07-26 | A (competitor-authored) | Sightseeing Pass "suspending operations" |
| 5 | https://newyorkpass.com/en/sightseeing-pass-discount | The New York Pass (Go City brand) | undated | 2026-07-26 | A (competitor-authored) | "As of June 2025, Sightseeing Pass have suspended operations" |
| 6 | https://www.cnewyork.net/sightseeing-pass-cesse-ses-activites/ | CNEWYORK (Didier Forray) | 2025-06-20 | 2026-07-26 | C | Independent corroboration of Sightseeing Pass suspension; NY Flex / Day / Economy Pass unusable |
| 7 | https://wherearethosemorgans.com/new-york-city-attraction-passes/ | Where Are Those Morgans | 2026 (undated) | 2026-07-26 | C | Sightseeing Pass Day/Flex "temporarily unavailable"; only 2 companies now sell NYC passes |
| 8 | https://en.wikipedia.org/wiki/Go_City | Wikipedia | ongoing | 2026-07-26 | C | Go City = former Leisure Pass Group; owner Exponent Private Equity; CEO Jon Owen |
| 9 | https://www.cooley.com/news/coverage/2016/2016-12-20-leisure-pass-group-sells-to-exponent-private-equity | Cooley LLP | 2016-12-20 | 2026-07-26 | B | Leisure Pass Group sale to Exponent Private Equity (transaction record) |
| 10 | https://www.travmedia.com/ (Smart Destinations / Leisure Pass / New York Pass merger release) | TravMedia / Smart Destinations | 2017 (undated in snippet) | 2026-07-26 | C | Exponent rolled up Smart Destinations + Leisure Pass Group + The New York Pass |
| 11 | https://www.turbopass.com/en/about-us | Turbopass GmbH | undated | 2026-07-26 | A | City list: Athens, Barcelona, Dubai, Florence, Hamburg, London, Madrid, Munich, Naples, Paris, Rome, Venice, York |
| 12 | https://www.getyourguide.com/turbopass-city-pass-s9760 | GetYourGuide (supplier page) | undated | 2026-07-26 | B | Turbopass distributed via GetYourGuide; adds Manchester, Warwickshire to city list |
| 13 | https://www.cooldestinations.com/ (Turbopass GmbH promo code, July 2026) | Cool Destinations | 2026-07 | 2026-07-26 | C | Turbopass GmbH trading as of July 2026 |
| 14 | https://www.iventurecard.com/ | iVenture Card International Pty Ltd | © 2026 | 2026-07-26 | A | Live; ABN 47 148 173 719; destinations now Melbourne, New York, Southern Highlands, Sydney (+ a leaked "SV Test Pass (CS Team)" nav entry) |
| 15 | https://www.sauditouristpass.com/ ("powered by iVenture Card") | iVenture Card white-label | © 2026 | 2026-07-26 | C | iVenture operating a white-label / powered-by B2B model |
| 16 | https://www.klook.com/ — Klook Pass Singapore / Greater Tokyo / Hong Kong / Seoul / Bali product pages | Klook | live product | 2026-07-26 | A | Klook Pass mechanic: choose N of M activities; Seoul pass "activate within 30 days of purchase" |
| 17 | https://www.klook.com/ — "Bali City Pass [Bundle & Save!]" / Klook Bali Pass | Klook | live product | 2026-07-26 | A | **Klook Bali Pass: choose 2/3/4/5 activities from 40+ Bali activities, up to 45% off** — direct SatuSatu competitor |
| 18 | https://osaka-amazing-pass.com/ (1day/2day) | Osaka Amazing Pass (Osaka Metro / Osaka Convention & Tourism Bureau) | 2026 pricing | 2026-07-26 | A | ¥3,500 1-day / ¥5,000 2-day; ~40 spots; unlimited Osaka Metro/bus — transit-bundled all-inclusive |
| 19 | https://www.kkday.com/ (Tokyo transport guide 2026; TOKYO CITY PASS Subway + Attractions 1/2/3-day) | KKday | 2026 | 2026-07-26 | C | Tokyo City Pass exists, sold via OTA; Tokyo Subway Ticket |
| 20 | https://ir.expediagroup.com/news-and-events/news/news-details/2025/Expedia-Group-Announces-Agreement-to-Acquire-Tiqets-to-Expand-Global-Activities-and-Experiences/default.aspx | Expedia Group IR | 2025-12-10 | 2026-07-26 | A | **Acquirer's own release: Expedia Group agrees to acquire Tiqets** |
| 21 | https://www.businesswire.com/news/home/20251210757761/en/... | Business Wire (Expedia release) | 2025-12-10 | 2026-07-26 | A | Same release, wire copy |
| 22 | https://skift.com/2025/12/10/expedia-agrees-to-buy-experiences-platform-tiqets-to-bolster-its-b2b-offering | Skift | 2025-12-10 | 2026-07-26 | B | Deal framing: B2B experiences supply |
| 23 | https://www.phocuswire.com/expedia-group-tiqets-acquisition-expand-tours-and-activities-business | PhocusWire | 2025-12 | 2026-07-26 | B | "Deal expected to close in the first quarter of 2026, subject to Works Council approval" |
| 24 | https://finance.yahoo.com/news/expedia-spent-279-million-acquisitions-... (Skift, Dennis Schaal) | Skift via Yahoo Finance | 2026 (Q1 2026 results) | 2026-07-26 | B | **$279M purchase price inferred from Expedia 10-Q; Airbnb (prior Tiqets investor) gained $70M** → deal CLOSED |
| 25 | https://www.tuigroup.com/en/investors/financial-news/2018-09-14-tui-group-acquires-italian-technology-start-up-musement | TUI Group (acquirer IR) | 2018-09-14 | 2026-07-26 | A | **Acquirer's own release: TUI Group acquires Musement** |
| 26 | https://www.musement.com/us/musement-acquired-by-travel-giant-tui-group-p | Musement (target) | 2018-09-14 | 2026-07-26 | A | Target-side confirmation, Milan 14 Sept 2018 |
| 27 | https://skift.com/2018/09/14/tui-group-buys-musement-as-tours-and-activities-sector-stays-hot-for-deals | Skift | 2018-09-14 | 2026-07-26 | B | Trade-press corroboration |
| 28 | https://www.tuigroup.com/ — Group Strategy / Strategic Priorities (FY26) | TUI Group | FY26 | 2026-07-26 | A | TUI Musement strategy: "global capacity growth", "curated products", "own branded experiences as a key growth and profit driver" |
| 29 | https://www.eqs-news.com/ — TUI Q1 FY26 results release | EQS / TUI AG | 2026 Q1 | 2026-07-26 | A | TUI Musement: 5.9m transfers, 2.3m experiences sold in Q1 FY26 (+1% YoY) |
| 30 | https://newsroom.feverup.com/en-US/...fever-secures-100m-strengthening-its-position-as-the-leading-independent-live-entertainment-tech-platform | Fever (own newsroom) | 2025-06-04 | 2026-07-26 | A | **$100M+ from L Catterton and Point72 Private Investments; Fever remains independent** |
| 31 | https://www.digitalmusicnews.com/2025/06/04/fever-funding-100-million-to-reinvent-live-music-experiences | Digital Music News | 2025-06-04 | 2026-07-26 | B | Corroboration of round + date |
| 32 | https://newsroom.feverup.com/ — Fever for Business / corporate events division | Fever | 2025-2026 | 2026-07-26 | A | 1,000+ corporate clients; Candlelight formats sold B2B → horizontal expansion evidence |
| 32b | https://newsroom.feverup.com/en-US/250537-fever-and-dice-join-forces-to-build-a-live-entertainment-tech-powerhouse | Fever (own newsroom) | 2025-06-05 | 2026-07-26 | A | **Fever acquires DICE** — "New York & London, 5th June 2025 – Fever and DICE are joining forces to build the world's leading independent live entertainment tech platform" |
| 32c | https://news.pollstar.com/ — "Ticketer DICE Acquired By Events Discovery Platform Fever" | Pollstar | 2025-06 | 2026-07-26 | B | Corroboration of Fever→DICE acquisition |
| 32d | https://www.billboard.com/ — "Fever Acquires Ticketing Platform DICE Following $100M Funding Round" | Billboard | 2025-06 | 2026-07-26 | B | Links the $100M round to the DICE deal |
| 32e | https://www.hollywoodreporter.com/ — "Fever Acquires Ticketing Platform Dice" | The Hollywood Reporter | 2025-06 | 2026-07-26 | B | DICE background: founded 2014, fan-friendly all-in-price ticketing |
| 32f | https://musically.com/ — "Fever acquires ticketing firm Dice in live-tech consolidation" | Music Ally | 2025-06 | 2026-07-26 | B | Fever's non-curated client base: Primavera Sound, Rock in Rio Lisboa, Pitchfork, Real Madrid, FC Barcelona, LIV Golf |
| 33 | https://skift.com/2024/06/26/vitruvian-partners-ups-stake-in-civitatis-by-50-million-in-travel-experiences-bet | Skift | 2024-06-26 | 2026-07-26 | B | **Vitruvian Partners +$50M secondary into Civitatis** |
| 34 | https://www.phocuswire.com/vitruvian-paretners-increases-stake-tour-and-activity-marketplace-civitatis | PhocusWire | 2024-06-26 | 2026-07-26 | B | Same transaction; founder Alberto Gutiérrez remains CEO |
| 35 | https://www.sttinfo.fi/tiedote/70351391/vitruvian-partners-increases-stake-in-civitatis (Business Wire release) | Business Wire | 2024-06-26 | 2026-07-26 | A | Primary release text: "leading curated online marketplace... Spanish and Portuguese speaking" |
| 36 | https://www.civitatis.com/ (homepage + blog, posts dated 8 & 11 July 2026) | Civitatis | 2026-07 | 2026-07-26 | A | Live and actively publishing as of July 2026 |
| 37 | https://en.wikipedia.org/wiki/Civitatis | Wikipedia | ongoing | 2026-07-26 | C | Founded 2008, Madrid; "by 2025 the platform offered over 9x,xxx activities" (exact figure not independently verified) |
| 38 | https://www.holibob.tech/blog/holibob-secures-12m-series-a-investment-to-transform-curation-distribution-and-commerce-in-tours-and-activities | Holibob (own blog) | 2022-07 (per uktech.news) | 2026-07-26 | A | $12M Series A; positioning = "collecting, curating, and distributing tours and attractions" |
| 39 | https://www.uktech.news/funding/travel-platform-holibob-investment-20220712 | UKTN | 2022-07-12 | 2026-07-26 | B | Round date + lead investor Ryan Howsam (Staysure) |
| 40 | https://www.canarytechnologies.com/press/canary-raises-series-d | Canary Technologies (own press) | 2025-06-12 | 2026-07-26 | A | **$80M Series D led by Brighton Park Capital**; hotel guest management / AI concierge |
| 41 | https://www.prnewswire.com/news-releases/canary-technologies-raises-80m-...-302480574.html | PR Newswire | 2025-06-12 | 2026-07-26 | A | Wire copy of same release |
| 42 | https://www.hoteldive.com/news/canary-raises-80-million-hospitality-ai/750667 | Hotel Dive | 2025-06 | 2026-07-26 | B | Trade-press corroboration |
| 43 | https://www.dusit-international.com/en/newsroom/news-releases/485/dusit-enters-luxury-villa-rental-market-with-acquisition-of-elite-havens | Dusit International (acquirer) | 2018-09 | 2026-07-26 | A | **Dusit Thani PCL acquires 100% of LVM Holdings / Elite Havens via Dusit Overseas Company Ltd** |
| 44 | https://www.breakingtravelnews.com/news/article/dusit-thani-acquires-elie-havens-in-15m-deal | Breaking Travel News | 2018-09 | 2026-07-26 | B | ~$15M deal value |
| 45 | https://www.elitehavens.com/ | Elite Havens | live, promos to 30 Sep 2026 | 2026-07-26 | A | Live; ~300 villas Bali/Lombok/Nusa Lembongan/Phuket/Samui/Japan/India/Maldives; concierge + villa management |
| 46 | https://www.hotelogix.com/ — "Best PMS for Bali Villas" | Hotelogix (vendor marketing) | 2026 | 2026-07-26 | C | Bali villa ops software landscape; BPS Bali arrivals stat — vendor content, not usable as evidence |
| 47 | https://hoteltechreport.com/ — "10 Best Concierge Software for Hotels in 2026" | Hotel Tech Report | 2026 | 2026-07-26 | C | Category map only; directory, not evidence of any specific vendor's Bali relevance |
| 48 | https://orivista.com/ | OriVista Bali | © 2026 | 2026-07-26 | C | Bali villa manager, 52+ villas, "concierge support 18 hours a day" — small, self-reported |
| 49 | https://www.phocuswire.com/ — HolidayHero guest apps virtual concierge (Sjeel Koster) | PhocusWire | undated | 2026-07-26 | B | Guest-app-as-virtual-concierge category framing |
| 50 | https://tracxn.com/ profiles (Fever, Tiqets, Civitatis, Holibob) | Tracxn | 2026 | 2026-07-26 | C | Cross-check only; aggregator data NOT used as primary evidence for any claim in the findings |

## Failed / blocked (recorded for reproducibility)
- `https://gocity.com/en/how-passes-work`, `/en/terms`, `/en/terms-conditions` — 404 / fetch fail. Working T&C path is `https://gocity.com/en/new-york/terms`.
- `https://www.turbopass.com/about-us` — fetch fail; `https://www.turbopass.com/en/about-us` is JS-rendered (curl returns shell only). Content taken from Tavily's index of that page.
- `https://www.sightseeingpass.com/` — HTTP 200 but empty body to curl; Tavily extract fails. Search index still returns pages frozen on "June Sale — Offer Ends: Mon 30 Jun 2025", consistent with the June 2025 suspension.
- `https://newyorkpass.com/en/sightseeing-pass-discount` — Cloudflare-blocked to curl; content from Tavily index.
- `https://www.iventurecard.com/` — Tavily extract fails; content from Tavily search index.
- `https://www.tiqetsnews.com/196435-...` — 404 (target newsroom link rotted post-acquisition). Acquirer IR release used instead.


---

## D. Group 3 — Connectivity & B2B infrastructure

# Sources — Group 3: Connectivity & B2B infrastructure
All accessed 2026-07-26. Tier A = filings / IR / acquirer's own release / official product docs. Tier B = credible trade press. Tier C = blogs, aggregators, LinkedIn, vendor marketing, SEO comparison articles.

## Tripadvisor / Bókun
| URL | Publisher | Pub date | Accessed | Tier |
|---|---|---|---|---|
| https://ir.tripadvisor.com/news-releases/news-release-details/tripadvisor-acquires-bokun-leading-software-provider-bring | Tripadvisor Investor Relations | 2018-04-20 | 2026-07-26 | A |
| https://tripadvisor.mediaroom.com (same PR, newsroom copy) | Tripadvisor Newsroom | 2018-04-20 | 2026-07-26 | A |
| https://www.travelweekly.com — "TripAdvisor acquires tours/activities tech firm" (M. Baran) | Travel Weekly | 2018-04-23 | 2026-07-26 | B |
| https://www.phocuswire.com/TripAdvisor-buys-Bokun | PhocusWire | 2018-04 | 2026-07-26 | B |
| https://www.bokun.io/tripadvisor-supplier | Bókun (Tripadvisor) | 2025-06-18 | 2026-07-26 | A (self) |
| https://www.captainbook.io/blog/bokun-alternatives-7-tour-booking-platforms-compared-(2026) | CaptainBook | 2026 | 2026-07-26 | C |

## Booking Holdings / FareHarbor
| URL | Publisher | Pub date | Accessed | Tier |
|---|---|---|---|---|
| https://www.bookingholdings.com/press-releases/booking-holdings-announces-it-has-signed-an-agreement-to-acquire-fareharbor | Booking Holdings | 2018-04-19 | 2026-07-26 | A |
| https://www.prnewswire.com/... (same PR) | PR Newswire / Booking Holdings | 2018-04-19 | 2026-07-26 | A |
| https://fareharbor.com/about | FareHarbor | undated | 2026-07-26 | A (self) |
| https://www.phocuswire.com/Booking-Holdings-buys-FareHarbor | PhocusWire | 2018-04 | 2026-07-26 | B |
| https://skift.com/2019/04/25/bookings-fareharbor-kept-the-bootstrapping-myth-going-while-discreetly-raising-outside-money | Skift | 2019-04-25 | 2026-07-26 | B |

## KKday / rezio
| URL | Publisher | Pub date | Accessed | Tier |
|---|---|---|---|---|
| https://www.pata.org/member-chapter-news-1/rezio-celebrates-its-3rd-birthday-with-freebies | PATA (rezio/KKday member release) | 2022-04-05 | 2026-07-26 | B (company release republished) |
| https://www.prnewswire.com/apac/news-releases/kkday-marketplace-expands-footprint-in-southeast-asia-301845778.html | PR Newswire / KKday | 2023-06 | 2026-07-26 | A (self) — CONFLICTS on launch year |
| https://en.wikipedia.org/wiki/KKday | Wikipedia | n/a | 2026-07-26 | C |
| https://rezio.io/blog/kkday-or-rezio-which-online-business-solution-is-right-for-travel-businesses- | rezio | undated | 2026-07-26 | A (self) |
| https://www.monkshill.com/content-hub/kkday-secures-series-c-round... | Monk's Hill Ventures | 2021 | 2026-07-26 | B |

## GetYourGuide (absence of owned channel manager)
| URL | Publisher | Pub date | Accessed | Tier |
|---|---|---|---|---|
| https://supply.getyourguide.support/hc/en-us/articles/14149999629853-Supported-Systems-Instructions | GetYourGuide Supply Partner Help Center | last updated 2026-02-10 | 2026-07-26 | A |
| https://www.getyourguide.supply/connectivity/connectivity-partners | GetYourGuide | undated (live) | 2026-07-26 | A |
| https://supply.getyourguide.support/hc/en-us/articles/20309311919773-Connecting-Your-Product-to-a-Reservation-System-Inbound-Outbound-Connectors | GetYourGuide | undated | 2026-07-26 | A |
| https://tracxn.com/d/acquisitions/acquisitions-by-getyourguide/... | Tracxn | 2026-07 | 2026-07-26 | C |
| https://en.wikipedia.org/wiki/GetYourGuide | Wikipedia | n/a | 2026-07-26 | C |

## Expedition Software / Vertica Capital Partners / Rezdy / Checkfront / Regiondo
| URL | Publisher | Pub date | Accessed | Tier |
|---|---|---|---|---|
| https://bailador.com.au/assets/downloads/BTI_Monthly_Report_June_2023.pdf | Bailador Technology Investments (ASX:BTI) | June 2023 | 2026-07-26 | A (listed-co report; cites ASX release 19 Jun 2023) |
| https://bailador.com.au/portfolio/expedition_software | Bailador (ASX:BTI) | undated (live) | 2026-07-26 | A |
| https://www.verticacp.com/news/expedition-software-formation.html | Vertica Capital Partners | "November 2023" | 2026-07-26 | A (self) |
| https://www.verticacp.com/news/expedition-checkfront-acquisition.html | Vertica Capital Partners | dateline "January 2024", page tag "March 2024" | 2026-07-26 | A (self) — internally inconsistent date |
| https://www.verticacp.com/news/fund-ii-close.html | Vertica Capital Partners | 2025-08 | 2026-07-26 | A (self) |
| https://pitchbook.com/profiles/investor/264894-67 | PitchBook | 2026 | 2026-07-26 | C |
| https://rezdy.com/blog/rezdy-checkfront-regiondo | Rezdy | 2023 | 2026-07-26 | A (self) |
| https://www.checkfront.com/blog/checkfront-announces-global-merger-with-rezdy-and-regiondo | Checkfront | 2023 | 2026-07-26 | A (self) |
| https://pro.regiondo.com/blog/regiondo-checkfront-and-rezdy-join-forces-to-transform-the-restech-landscape | Regiondo | 2023 | 2026-07-26 | A (self) |
| https://www.linkedin.com/company/expedition-software | Expedition Software | live | 2026-07-26 | C |
| https://www.phocuswire.com/fareharbor-founder-lead-rezdy-checkfront-regiondo | PhocusWire | 2025-06 | 2026-07-26 | B (403 on fetch; headline + index only) |
| https://dwift.com / https://dwift.com/about | Lawrence Hester (personal) | 2025-10-03 | 2026-07-26 | B (self, first-party) |
| https://www.astuteanalytica.com/industry-report/tour-operator-software-market | Astute Analytica | 2025-12 | 2026-07-26 | C |
| https://www.accel-kkr.com/portfolio | Accel-KKR | live | 2026-07-26 | A (used as NEGATIVE evidence) |
| https://businessmodelcanvastemplate.com/blogs/owners/rezdy-who-owns | businessmodelcanvastemplate.com | undated | 2026-07-26 | C — REFUTED (claims Accel-KKR) |
| https://www.ticketinghub.com/en-US/blog/rezdy-booking-system-news-120-million-sale | TicketingHub (competitor blog) | 2023 | 2026-07-26 | C |
| https://arival.travel/article/regiondo-quietly-acquired-by-germanys-prosiebensat-1 | Arival | ~2019/2020 | 2026-07-26 | B |
| https://www.prosiebensat1.com/en/newsroom/prosiebensat1-takes-over-jochen-schweizer-mydays-completely-524060 | ProSiebenSat.1 Media SE | 2025-04-15 | 2026-07-26 | A |

## Ventrata
| URL | Publisher | Pub date | Accessed | Tier |
|---|---|---|---|---|
| https://ventrata.com/about-us | Ventrata Ltd | live (© 2026) | 2026-07-26 | A (self) |
| https://ventrata.com | Ventrata Ltd | live (© 2026) | 2026-07-26 | A (self) |
| https://docs.ventrata.com/additional-resources/ventrata-clients | Ventrata Ltd | live | 2026-07-26 | A (self) |
| https://www.linkedin.com/company/ventrata | LinkedIn | live | 2026-07-26 | C |
| https://tracxn.com/d/companies/ventrata/... | Tracxn | 2026 | 2026-07-26 | C |

## Palisis / TourCMS / Prioticket / Experience Technology Group
| URL | Publisher | Pub date | Accessed | Tier |
|---|---|---|---|---|
| https://www.travolution.com/news/palisis-and-prioticket-join-forces-to-create-experience-technology-group | Travolution | 2026 (deal formalised 2026-05-12) | 2026-07-26 | B |
| https://news.prioticket.com/company-news/changelog | Prioticket | 2026 | 2026-07-26 | A (self) |
| https://www.tourcms.com | TourCMS / Palisis AG | live | 2026-07-26 | A (self) |
| https://www.palisis.com | Palisis AG | live | 2026-07-26 | A (self) |
| https://www.phocuswire.com/Consolidation-in-tours-and-activities-tech-as-TourCMS-is-acquired-by-Palisis | PhocusWire | date NOT retrieved (403/fetch fail) | 2026-07-26 | B (headline only) |
| https://ch.linkedin.com/company/palisis-ag | LinkedIn | live | 2026-07-26 | C |

## Xola
| URL | Publisher | Pub date | Accessed | Tier |
|---|---|---|---|---|
| https://www.xola.com | Xola | live | 2026-07-26 | A (self) |
| https://techcrunch.com/2016/04/28/xola-seriesa | TechCrunch | 2016-04-28 | 2026-07-26 | B |
| https://www.phocuswire.com/Xola-raises-$6-million-for-activity-technology-push | PhocusWire | undated | 2026-07-26 | B |
| https://www.prnewswire.com/news-releases/xola-online-booking-platform-launches-...-300717346.html | PR Newswire / Xola | 2018 | 2026-07-26 | A (self) |
| https://www.linkedin.com/company/xola | LinkedIn | live | 2026-07-26 | C |

## TrekkSoft / ExperienceBank / Tourism Software Group
| URL | Publisher | Pub date | Accessed | Tier |
|---|---|---|---|---|
| https://www.trekksoft.com/en/about-trekksoft | TrekkSoft AG | live (footer "2010-2026 TrekkSoft \| A Tourism Software Group company") | 2026-07-26 | A (self) |
| https://tourismsoftwaregroup.com / /our-journey | Tourism Software Group | live | 2026-07-26 | A (self) |
| https://experiencebank.travel / /about | ExperienceBank | live | 2026-07-26 | A (self) |
| https://support.trekksoft.com/experiencebank | TrekkSoft Help Center | live | 2026-07-26 | A (self) |
| https://support.trekksoft.com/introduction-to-payyo | TrekkSoft Help Center | updated 2026-04-21 | 2026-07-26 | A (self) |
| https://www.startupticker.ch/en/news/trekksoft-group-acquires-stake-in-market-leading-software-provider-from-berlin | Startupticker.ch | undated | 2026-07-26 | B |
| https://www.trekksoft.com/press-release-trekksoft-acquires-acteavo-2015 | TrekkSoft | 2015 | 2026-07-26 | A (self) |

## Redeam / Travel Curious
| URL | Publisher | Pub date | Accessed | Tier |
|---|---|---|---|---|
| https://redeam.com/press/travel-curious-redeam | Redeam / Travel Curious | 2025-07-17 | 2026-07-26 | A |
| https://www.phocuswire.com/travel-curious-acquires-redeam | PhocusWire | 2025-07 | 2026-07-26 | B |
| https://app.dealroom.co/news/feed/travel-curious-acquires-redeam-12m-funding | Dealroom | 2025 | 2026-07-26 | C |
| https://www.prnewswire.com/news-releases/redeam-announces-a-12m-series-b-raise-...-301259536.html | PR Newswire / Redeam | 2021 | 2026-07-26 | A (self) |
| https://sky-vc.com/portfolio-companies/redeam | Sky VC | live | 2026-07-26 | C |

## GlobalTix
| URL | Publisher | Pub date | Accessed | Tier |
|---|---|---|---|---|
| https://globaltix.com/globaltix-closes-series-b-funding-of-s6-5m-led-by-tin-men-capital | GlobalTix | 2024-10-14 | 2026-07-26 | A (self) |
| https://globaltix.com/globaltix-secures-5-million-series-b-funding-welcomes-thai-investor-to-bolster-local-tourism-ecosystem | GlobalTix | 2024-12-19 | 2026-07-26 | A (self) |
| https://globaltix.com/injourney-destination-management-appoints-globaltix-as-official-channel-manager-for-borobudur-unlocking-global-tourism-opportunities | GlobalTix / InJourney Destination Management | 2025-10-07 (dateline 8 Oct 2025) | 2026-07-26 | A (self + SOE counterparty) |
| https://globaltix.com (homepage headline stats, footer "© 2024 GlobalTix Pte Ltd") | GlobalTix | live | 2026-07-26 | A (self, vendor-claimed metrics) |
| https://sg.news.yahoo.com/singapore-based-ticketing-company-globaltix-194133511.html | The Edge Singapore via Yahoo | 2024-10 | 2026-07-26 | B |
| https://www.tinmen.asia/news/globaltix-series-b | Tin Men Capital | 2024-10 | 2026-07-26 | A (investor) |
| https://sg.linkedin.com/company/globaltix | LinkedIn | live | 2026-07-26 | C — source of the 15,000/180,000 claim |
| https://leadiq.com/c/globaltix/... | LeadIQ | live | 2026-07-26 | C — mirrors LinkedIn copy |
| https://tourpreneur.com/globaltix-and-magpie-travel-announce-strategic-partnership | Tourpreneur | undated | 2026-07-26 | C |
| https://globaltix.com/globaltix-appoints-alex-piccone-as-commercial-director-for-europe-the-uk-the-americas | GlobalTix | 2025/2026 | 2026-07-26 | A (self) |
| https://tracxn.com/d/companies/globaltix/... | Tracxn | 2026 | 2026-07-26 | C |

## Raw extracts saved
- research/raw/expedition-software.md (Vertica formation PR, Vertica/Checkfront PR, Bailador portfolio page)
- research/raw/redeam-palisis.md (Redeam/Travel Curious PR, PhocusWire)
- research/raw/palisis-prio-rezio.md (Travolution Palisis+Prioticket, PATA rezio 3rd birthday)
- research/raw/globaltix-seriesb.md, research/raw/globaltix-detail.md
- research/raw/gyg-connectivity-partners.md
- research/raw/bokun-fareharbor-pr.md
- research/raw/rezdy-merger.md


---

## E. Groups 4 & 5 — Indonesia/SEA and disintermediation watch

# Sources — Group 4 (Indonesia & SEA) + Group 5 (Disintermediation watch)

Accessed: 2026-07-26. Tier A = filings/IR/official docs/live product. Tier B = credible trade press. Tier C = blogs, forums, LinkedIn, vendor marketing, SEO listicles.

## GROUP 4 — Indonesia & SEA market

| URL | Publisher | Pub date | Accessed | Tier |
|---|---|---|---|---|
| https://www.traveloka.com/en-id/activities | Traveloka | n/a (live page) | 2026-07-26 | A |
| https://www.traveloka.com (Things to Do — Attraction Tickets, Tours & Activities) | Traveloka | n/a (live page) | 2026-07-26 | A |
| https://www.traveloka.com (Become Traveloka Partner) | Traveloka | n/a (live page) | 2026-07-26 | A |
| https://redtorch.ph (Traveloka Philippines launches "Traveloka Xperience") | Red Torch Communications | undated (c.2019) | 2026-07-26 | C |
| https://www.tiket.com/ and /to-do | tiket.com | n/a (live page) | 2026-07-26 | A |
| https://id.wikipedia.org/wiki/Blibli | Wikipedia (id) | — | 2026-07-26 | C |
| https://en.wikipedia.org/wiki/Blibli | Wikipedia (en) | — | 2026-07-26 | C |
| https://blog.tiket.com (Blibli.com Ekspansi ke Online Travel dengan Mengakuisisi Tiket.com) | tiket.com blog | 2017 | 2026-07-26 | A |
| https://www.digitalnewsasia.com (Blibli.com acquires Tiket.com) | Digital News Asia | 2017 | 2026-07-26 | B |
| https://asset-about.blibli.com (Press Release — Completed GMS, "Blibli Tiket" unified ecosystem) | PT Global Digital Niaga Tbk (IDX: BELI) | — | 2026-07-26 | A |
| https://atourin.com | Atourin (PT Atourin Teknologi Nusantara) | n/a (live page) | 2026-07-26 | A |
| https://atourin.com/tentang-kami | Atourin | n/a (live page) | 2026-07-26 | A |
| https://id.linkedin.com/company/atourin | Atourin (LinkedIn self-description, "Launched in 2019") | — | 2026-07-26 | C |
| https://id.wikipedia.org/wiki/Atourin | Wikipedia (id) | — | 2026-07-26 | C |
| https://www.pigijo.com | Pigijo | n/a (live SPA; Midtrans script in `data-environment="sandbox"`) | 2026-07-26 | A |
| https://www.idnfinancials.com/PGJO ("didirikan pada tahun 2017") | IDNFinancials | — | 2026-07-26 | B |
| https://id.bahterabumiraya.com (name change, Akta No. 6 dated 17 Sept 2025) | PT Bahtera Bumi Raya Tbk (issuer site) | 2025-09 | 2026-07-26 | A |
| https://www.idx.co.id (Profil Perusahaan Tercatat — PT Bahtera Bumi Raya Tbk, PGJO) | Indonesia Stock Exchange | — | 2026-07-26 | A |
| https://investasi.kontan.co.id/news/bahtera-bumi-raya-pgjo-divestasi-pigijo-travelindo-sakti-ini-alasannya | Kontan | 2026 (cites disclosure dated 17 Mar 2026) | 2026-07-26 | B |
| https://www.indopremier.com (PGJO Ganti Nama Jadi Bahtera Bumi Raya) | Indo Premier Sekuritas | 2025-09 | 2026-07-26 | B |
| https://reliancesekuritas.com (PGJO Ubah Nama & Rombak Pengurus) | Reliance Sekuritas | 2025-09-19 | 2026-07-26 | B |
| https://www.instagram.com/idx_channel (PGJO divestasi PTS, Rp139,99 juta, disclosure 23/4/2026) | IDX Channel | 2026-04 | 2026-07-26 | C |
| https://www.panorama-sentrawisata.com/about (2017 JV with JTB Corporation) | PT Panorama Sentrawisata Tbk (issuer site) | — | 2026-07-26 | A |
| https://www.travelvoice.jp (JTB acquires 40% of Panorama Tours Indonesia) | Travel Voice (JP) | 2017 | 2026-07-26 | B |
| https://www.dealstreetasia.com (Panorama Group sells 40% in unit to Japan's JTB Group) | DealStreetAsia | 2017-02-01 | 2026-07-26 | B |
| https://www.webintravel.com (Panorama Tours joins hands with JTB) | Web In Travel | 2017 | 2026-07-26 | B |
| https://www.panorama-jtb.com | PT Panorama JTB Tours Indonesia | n/a (live page) | 2026-07-26 | A |
| https://www.panorama-destination.com/company-overview (founded Dec 1999, part of Panorama Leisure Group, PT Destinasi Tirta Nusantara Tbk) | Panorama Destination | — | 2026-07-26 | A |
| https://www.panorama-group.com (business units; states Chan Brothers JV with Panorama Group) | Panorama Group | — | 2026-07-26 | A |
| https://www.goldenrama.com | Golden Rama Tours & Travel | n/a (live page; Attractions category present) | 2026-07-26 | A |
| https://rols.golden-rama.com | Golden Rama (B2B reservation portal — Agent Login + Supplier Login) | n/a (live page) | 2026-07-26 | A |
| https://www.antavaya.com | AntaVaya (PT Anta Express Tour & Travel Service, est. 25 Mar 1976) | n/a (live page) | 2026-07-26 | A |
| https://www.misteraladin.com | Mister Aladin | n/a (live page) | 2026-07-26 | A |
| https://id.wikipedia.org/wiki/Mister_Aladin (owner: Media Nusantara Citra) | Wikipedia (id) | — | 2026-07-26 | C |
| https://www.techinasia.com (Indonesia's MNC gets into online travel with Mister Aladin) | Tech in Asia | 2015-11-30 | 2026-07-26 | B |
| https://www.pactoltd.com (Pacto DMC, founded 1967) | Pacto Ltd | — | 2026-07-26 | A |
| https://balidiscovery.com (Pacto Opens New Bali Headquarters) | Bali Discovery | — | 2026-07-26 | C |
| https://www.travellingcompass.com (B2B DMC, established 2018) | Travelling Compass | — | 2026-07-26 | C |
| https://travel-dmc.com (PT Travel DMC Indonesia) | vendor site | — | 2026-07-26 | C |
| https://www.b2bbali.com ; https://bestbalidmc.com ; https://www.grandbalitour.com ; https://bali-agung-tours.com ; https://www.yourvacationdmc.com ; https://adventureindonesia.com | Bali DMC vendor sites | — | 2026-07-26 | C |
| https://www.phocuswright.com (Travel Experiences 2026: Market Sizing — "highly fragmented with hundreds of thousands of mostly small, private operators") | Phocuswright/Arival | 2026 | 2026-07-26 | B |
| https://travelprofessionalnews.com (Arival/Phocuswright market sizing: >70% of operators small/micro; offline direct sales still dominate many local markets) | Travel Professional News | 2026 | 2026-07-26 | B |
| https://lionventures.se (Arival, The Global Operator Landscape, 3rd ed., Oct 2024) | Arival via Lion Ventures | 2024-10 | 2026-07-26 | B |
| https://www.agoda.com (activities in product list; attraction ticket pages) | Agoda | n/a (live page) | 2026-07-26 | A |
| https://www.takemetour.com | TakeMeTour | n/a (live page) | 2026-07-26 | A |
| https://www.localalike.com | Local Alike | n/a (live page; TATSTAR 5-star, SE Award 2025) | 2026-07-26 | A |
| https://www.ticket2u.com.my | Ticket2U | n/a (live page) | 2026-07-26 | A |
| https://vulcanpost.com (Ticket2u launched 2016) | Vulcan Post | — | 2026-07-26 | C |
| https://www.guidetothephilippines.com | Guide to the Philippines | n/a (live page) | 2026-07-26 | A |
| https://guidetothephilippines.ph (HTTP 301 → philippineairlines.com/ph/en/explore.html) | live DNS/HTTP observation | 2026-07-26 | 2026-07-26 | A |
| https://www.philippineairlines.com/ph/en/explore.html (PAL "Guide to the Philippines" page) | Philippine Airlines | — | 2026-07-26 | A |
| https://www.chanbrothers.com | Chan Brothers Travel | n/a (live page) | 2026-07-26 | A |
| https://www.wtstravel.com.sg | WTS Travel | n/a (live page) | 2026-07-26 | A |
| https://www.hbxgroup.com (HBX Group and Traveloka expand strategic partnership) | HBX Group | 2025/2026 | 2026-07-26 | A |
| https://www.trawex.com ; https://www.travelopro.com ; https://aisensy.com ; https://respond.io ; https://greentick.ai ; https://nimblebiz.ai ; https://www.spurnow.com (WhatsApp booking/automation vendors) | vendor marketing | — | 2026-07-26 | C |
| https://whatsappbusiness.com (WhatsApp for Business — travel customer journeys) | Meta | — | 2026-07-26 | A |
| https://www.tboholidays.com (B2B portal, 200,000+ global sightseeing) | TBO Holidays | n/a (live page) | 2026-07-26 | A |

## GROUP 5 — Disintermediation watch

| URL | Publisher | Pub date | Accessed | Tier |
|---|---|---|---|---|
| https://skift.com (ChatGPT Bails on Transactions — Good News for Expedia and Booking) | Skift | 2026-03 | 2026-07-26 | B |
| https://www.phocuswire.com (OpenAI Instant Checkout → ChatGPT apps; travel players launched ChatGPT apps) | PhocusWire | 2026-03 | 2026-07-26 | B |
| https://www.phocuswire.com (OpenAI's shift shows travel is too complex for quick-fix agentic commerce) | PhocusWire | 2026-03 | 2026-07-26 | B |
| https://www.retail-insight-network.com (OpenAI shifts ChatGPT shopping plans to retailer-run apps) | Retail Insight Network | 2026-03-23 | 2026-07-26 | B |
| https://www.mediapost.com (OpenAI Retreating From Agentic Commerce) | MediaPost | 2026-03-06 | 2026-07-26 | B |
| https://stellagent.ai (OpenAI Ends Instant Checkout — cites The Information + CNBC, 20 Mar 2026) | Stellagent | 2026-03 | 2026-07-26 | C |
| https://www.altexsoft.com (ChatGPT Can Inspire the Trip but OTAs Still Close the Sale — reporting of 5 Mar 2026) | AltexSoft | 2026-03 | 2026-07-26 | C |
| https://www.tourismtribe.com (ChatGPT Tried to Replace Your Booking Engine. It Failed.) | Tourism Tribe | 2026 | 2026-07-26 | C |
| https://openai.com (Booking.com and OpenAI personalize travel at scale) | OpenAI | — | 2026-07-26 | A |
| https://www.getyourguide.press (GetYourGuide Launches AI-Powered Features…) | GetYourGuide | 2026-04-22 | 2026-07-26 | A |
| https://www.globenewswire.com (same GetYourGuide release) | GlobeNewswire | 2026-04-22 | 2026-07-26 | A |
| https://skift.com (GetYourGuide's AI Updates Target the Gap Between Planning and Booking — Spring 2026 release) | Skift | 2026 | 2026-07-26 | B |
| https://news.airbnb.com (2026 Summer Release: Now there's even more to Airbnb) | Airbnb | 2026 | 2026-07-26 | A |
| https://www.phocuswire.com (Airbnb Summer Release 2025 — Experiences relaunch + Services) | PhocusWire | 2025-05 | 2026-07-26 | B |
| https://skift.com (Airbnb CEO: We'll Relaunch Experiences in 2025) | Skift | 2025 | 2026-07-26 | B |
| https://shorttermrentalz.com (Airbnb to expand into co-hosting and relaunch Experiences) | ShortTermRentalz | 2025 | 2026-07-26 | B |
| https://arival.travel (Expedia Shutters Local Expert Offline Business) | Arival | 2020 | 2026-07-26 | B |
| https://www.xola.com (Alternatives to Expedia Local Expert — Expedia no longer accepting new tour/activity suppliers directly; sources from GetYourGuide since 2021) | Xola | — | 2026-07-26 | C |
| https://localexpert.expedia.com (DNS/connection failure — domain no longer resolves) | live observation | 2026-07-26 | 2026-07-26 | A |
| https://partner.expediagroup.com (List your activities) | Expedia Group | — | 2026-07-26 | A |
| https://s202.q4cdn.com (Q4 2025 Expedia Group Earnings Call transcript) | Expedia Group IR | 2026-02 | 2026-07-26 | A |
| https://ir.expediagroup.com | Expedia Group IR | 2026 | 2026-07-26 | A |
| https://www.booking.com/attractions/index.html | Booking.com Attractions | n/a (live page) | 2026-07-26 | A |
| https://s201.q4cdn.com (Booking Holdings Q1 2026 results; Feb 2026 Investor Presentation — Attractions TAM ~$300B) | Booking Holdings IR | 2026 | 2026-07-26 | A |
| https://news.booking.com (Booking.com Enhances Travel Planning with New AI-Powered features / AI Trip Planner) | Booking.com | 2025–2026 | 2026-07-26 | A |
| https://www.prnewswire.com (Trip.com Group Envision 2026 — new innovations and partnerships) | Trip.com Group via PR Newswire | 2026-05-28 | 2026-07-26 | A |
| https://vir.com.vn (Trip.com analyzes three years of AI travel assistant usage — TripGenie) | PR Newswire via VIR | 2026-03-16 | 2026-07-26 | B |
| https://www.travolution.com (Trip.com sets out three years of contrasting AI use in travel — ~60% of interactions booking-related) | Travolution | 2026 | 2026-07-26 | B |
| https://www.chinatravelnews.com (Trip.com Group targets inspiration and planning phase via AI) | ChinaTravelNews | 2026 | 2026-07-26 | B |
| https://www.ttgasia.com (Trip.com, Traveloka boost regional attractions reach) | TTG Asia | 2026-06 | 2026-07-26 | B |
| https://skift.com (How the Trip.com-Traveloka Deal Fits the Wider Asian OTA Picture) | Skift | 2026-06 | 2026-07-26 | B |
| https://sg.finance.yahoo.com (Trip.com Strengthens Southeast Asia Footprint — Attractions & Tours partnerships, Vietnam + Singapore) | PR Newswire Asia | 2025-06-06 | 2026-07-26 | B |
| https://www.oag.com (March 2026: The Month Agentic Travel Gets Real) | OAG | 2026-03 | 2026-07-26 | B |
| https://gimmonix.com (Will Agentic AI Replace OTAs? The 2026 Reality Check) | Gimmonix (vendor) | 2026-06-28 | 2026-07-26 | C |
| https://www.cbinsights.com/company/mindtrip (total raised $19M) | CB Insights | — | 2026-07-26 | B |
| https://www.phocuswire.com (Generative AI trip planning startup MindTrip raises $7M) | PhocusWire | 2024 | 2026-07-26 | B |
| https://www.phocuswire.com (Mindtrip — Capital One Ventures, United Airlines Ventures) | PhocusWire | 2025/2026 | 2026-07-26 | B |
| https://mindtrip.ai/press (DMO partnerships: Visit Anaheim, Explore Asheville, Visit Ouray) | Mindtrip | 2026-01 | 2026-07-26 | A |
| https://finance.yahoo.com (Layla Surpasses $1 Billion in Trips Planned; 7-figure round — United Airlines Ventures, Baidu Capital, INCE Capital, M13, Firstminute, SparkLabs) | PR via Yahoo Finance | 2026 | 2026-07-26 | B |
| https://getlatka.com (Layla est. $2.8M ARR Oct 2025 — self-labelled "Estimated") | GetLatka | 2025-10 | 2026-07-26 | C |
| https://atxp.ai (Mastercard Agent Pay vs Stripe ACP vs Visa Intelligent Commerce vs x402 — 2026 update; Santander-Mastercard live transaction) | ATXP (vendor) | 2026 | 2026-07-26 | C |
| https://eco.com (Mastercard Agent Pay vs Visa Trusted Agent 2026; AP2 Protocol Explained) | Eco (vendor) | 2026 | 2026-07-26 | C |
| https://agenticplug.ai (State of Agentic Commerce — Protocol Tracker; Visa/Ramp Apr 1 2026) | AgenticPlug (vendor) | 2026-04 | 2026-07-26 | C |
| https://universalcommerceprotocol.blog (AP2 joins FIDO Alliance 26 May 2026; Visa wired agentic payments into ChatGPT) | UCP blog | 2026-06 | 2026-07-26 | C |
| https://nevermined.ai (Mastercard Agent Pay launched Apr 2025; Visa TAP Oct 2025; Stripe Agentic Commerce Suite/ACP) | Nevermined (vendor) | 2026 | 2026-07-26 | C |
| https://tripprof.com ; https://wandercrafted.app ; https://localsinsider.com ; https://tineo.ai ; https://monkeytravel.app ; https://www.journohq.com ; https://www.searchspot.ai (AI trip-planner comparison listicles) | SEO listicles | 2026 | 2026-07-26 | C |


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