Online travel company Expedia has signed an agreement for the acquisition of a major stake in UK-based SilverRail Technologies.

SilverRail has been working with Expedia to provide solutions to various challenges facing the rail technology sector, as well as assisting in helping to bring online booking services for rail travel to Expedia customers.

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Expedia president and CEO Dara Khosrowshahi said: “Rail is ready for an online revolution, and we're ready to be a part of it.

“Rail's shift online is one of the fastest growing areas of innovation in the $1.3 trillion travel market, and SilverRail is powering that innovation.”

SilverRail will continue to focus on the consumer experience of rail for carriers, travel retailers and corporate travel companies following the acquisition.

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"The investment by Expedia will make our business bigger, stronger, and faster in executing current commitments and meeting the demand of new business."

SilverRail Technologies CEO Aaron Gowell said: “The investment by Expedia will make our business bigger, stronger, and faster in executing current commitments and meeting the demand of new business.

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“We were looking for an investor and partner that understood our ambitions and was committed for the long term.

“Expedia is an ideal fit for us, as it sees the huge potential in rail and has a history of keeping its brands nimble.”

The transaction is subject to regulatory approval and other conditions, and is expected to close by the middle of this year.

SilverRail powers global rail with its next generation retailing and distribution platform, in addition to providing technologies for rail service applications.

Its product portfolio includes journey planning, inventory management, scheduling, booking, reporting and administration.