TravelPerk, a hyper-growth global business travel management platform, announced its acquisition of the industry-leading United States company AmTrav, doubling down on its expansion in the US. Both platforms will capitalise on proprietary tech, AI capabilities and expanded resources to further expand in the US – a market valued at $329 billion in business travel spend in 2023, according to the GBTA.
The acquisition will see TravelPerk double its revenue in the US, following 65% year-over-year growth in the market in 2023. TravelPerk’s US-based headcount and footprint expands to now include offices in Boston, Chicago, Los Angeles and Miami. AmTrav will operate under the same brand, and the entire team will continue with the business going forward.
Chicago-based AmTrav, founded by two friends in their University of Michigan dorm room, has been at the forefront of innovation and thought leadership in the business travel space for the past 30 years, achieving many ‘firsts’. It offers a highly localised, tech-first platform for modern SMB and Mid-Market companies, loved by thousands of customers.
Jeff Klee, CEO of Amtrav commented: “I’ve admired TravelPerk for a long time and the more I’ve gotten to know Avi and his team, the more I’ve seen what kindred spirits our companies are. AmTrav’s customers will benefit from TravelPerk’s global reach, scale and culture of innovation. Together, we’ll continue the mission to use new technology and the right amount of human touch to make life better for businesses and their travelers. Craig and I couldn’t be more excited to join this immensely talented team.”
Avi Meir, CEO and Co-Founder of TravelPerk, commented: “I’m thrilled to welcome Jeff, Craig and AmTrav to the TravelPerk team, as they bring a shared dedication to innovation and providing solutions that customers love. Their decades-long track record of success in the US will supercharge our growth in the US and around the world.”
Meir will be one of the main speakers at this year’s FutureTravel Summit, the annual flagship event of EU-Startups’ sister brand FutureTravel.
Additionally, TravelPerk has raised a new credit facility of up to €125 million led by Blackstone Credit & Insurance and Blue Owl Credit, two leading global alternative asset managers. Alongside the company’s recent €95 million Series D1 Extension funding round in January 2024, TravelPerk has a significant capital base to drive organic and inorganic growth as it builds towards becoming the #1 SaaS Business Travel Platform for SMB and Mid-Tier companies.
Laura Johnson, Managing Director of Blackstone Credit & Insurance, commented: “We are excited to partner with TravelPerk as it further expands into the US market, leveraging the power of the Blackstone platform. The Company’s impressive growth is a testament to the strong execution by the TravelPerk team, and the tremendous greenfield opportunity in the SMB travel space. This financing illustrates Blackstone’s continued thematic investment in the travel sector, and our focus on backing fast growing technology businesses.”
Stephen Thorne, Investment Director of SoftBank Investment Advisers, added: “In adopting an AI-led approach to expand product automation, TravelPerk’s business model is well positioned to scale pan-regionally. We believe the combination of the TravelPerk and AmTrav platforms will provide unparalleled service and choice for US SMB and Mid-Market companies.”
Read the orginal article: https://www.eu-startups.com/2024/06/barcelona-unicorn-travelperk-acquires-amtrav-gets-e125-million-to-accelerate-in-us-market/
