Travel technology firm OpenJaw is to be acquired by a Canadian firm in a deal worth €33.5m.

OpenJaw was established in Dublin in 2002 and provides retail and loyalty software for travel-related companies like airlines and hotels.

Ontario-based GuestLogix also specialises in travel-related software, such as onboard payments systems and retail platforms.

OpenJaw said the deal would involve a combination of cash and shares and would likely be completed by 22 December; or 22 January 2015 at the latest.

GuestLogix president and CEO Brett Proud said ancillary revenues in the airline industry were expected to grow to $130bn per year by 2020.

He said the company was attracted to OpenJaw due to its talent and technology, with the acquisition representing “the industry’s first comprehensive ancillary revenue and retailing platform that will support all stages of the travel journey.”