US: Business travel management platform TravelPerk has acquired Chicago-based travel booking platform AmTrav.
AmTrav supports business travel bookings for SMB and mid-market companies. The company will continue to operate under the same brand, and the entire team will remain with the business going forward.
The acquisition will see TravelPerk double its revenue in the US, with offices now in Boston, Chicago, Los Angeles and Miami.
Jeff Klee, CEO of AmTrav said: “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 travellers. Craig and I couldn’t be more excited to join this immensely talented team.”
Avi Meir, CEO and co-founder of TravelPerk, said: “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. And with the financial backing of world-class investors in Blackstone and Blue Owl, in addition to SoftBank earlier this year, we’re exceptionally well positioned to continue to invest in industry-leading technology and our global growth.”
In addition to the acquisition, TravelPerk has raised a new credit facility up to $135 million led by Blackstone Credit & Insurance and Blue Owl Credit. It follows the $104 million Series D1 Extension round in January this year, led by SoftBank Vision Fund 2.
Laura Johnson, managing director of Blackstone Credit & Insurance, said: ”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.”
