TravelPerk, a leading global business travel management platform, has announced a strategic acquisition of AmTrav, a well-established US-based travel management company for an undisclosed amount. This move signifies TravelPerk’s commitment to expanding its presence in the lucrative US market, which is projected to be the company’s biggest revenue generator.
AmTrav, founded in the US, brings a highly localised tech platform and a strong reputation for innovation to the table. This acquisition is expected to double TravelPerk’s US revenue and establish a wider footprint with offices in key locations like Boston, Chicago, Los Angeles, and Miami.
Back in April, we had also reported about how Booking.com rival in Amsterdam: Stippl landed €575K to curate GenAI-driven travel planning and experiences.
Both companies leverage proprietary technology and artificial intelligence (AI) to deliver an exceptional travel experience. By combining their resources and expertise, they aim to become the leading SaaS business travel platform catering to small and mid-sized businesses (SMBs) and mid-market companies in the United States.
Financial backing to fuels growth ambitions
TravelPerk has also secured a new credit facility worth $135 million led by prominent investment firms Blackstone Credit & Insurance and Blue Owl Credit.
This, coupled with their recent Series D1 funding round of $104 million earlier in 2024, positions TravelPerk with a significant war chest to fuel both organic and inorganic growth strategies. The company’s ultimate goal is to become the undisputed leader in the SMB and mid-tier business travel platform market.
TravelPerk’s CEO and Co-founder, Avi Meir, expressed his enthusiasm about the acquisition, welcoming AmTrav’s team and their dedication to innovation. He believes their combined expertise will supercharge TravelPerk’s growth trajectory not only in the US but globally. Financial backing from Blackstone and Blue Owl, alongside SoftBank’s earlier investment, further strengthens TravelPerk’s position to invest in cutting-edge technology and drive global expansion.
Jeff Klee, CEO of AmTrav, echoed the sentiment, highlighting his admiration for TravelPerk and the shared vision between the two companies. He is confident that AmTrav’s customers will benefit from TravelPerk’s global reach, extensive resources, and innovative culture. Both companies aim to leverage technology and personalised service to enhance the business travel experience for both companies and their employees.
What we think about the startup
The TravelPerk-AmTrav merger, along with TravelPerk’s significant financial backing, indicates a potential shift in the landscape of business travel management solutions, particularly for SMBs and mid-sized companies in the US.
Whether this combined force will indeed revolutionise the way businesses manage travel remains to be seen. However, one thing is certain: TravelPerk’s strategic moves position them as a strong contender in the race to dominate this multi-billion dollar market.
