BARCELONA & CHICAGO--(BUSINESS WIRE)--TravelPerk, the hyper-growth global business travel management platform, announced today its acquisition of the industry-leading United States company AmTrav, doubling down on its expansion in the US.
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 localized, tech-first platform for modern SMB and Mid-Market companies, loved by thousands of customers.
Both platforms will capitalize 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.
Additionally, TravelPerk has raised a new credit facility of up to $135 million led by Blackstone Credit & Insurance and Blue Owl Credit, two leading global alternative asset managers. Alongside the company's recent $104 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.
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. 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.”
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.”
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, commented:
“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.”
About TravelPerk
TravelPerk is a hyper-growth SaaS business travel platform and a pioneer in the future of business travel. Its all-in-one platform gives travelers the freedom they want whilst providing companies with the control they need. The result saves time, money, and hassle for everyone. TravelPerk has industry-leading travel inventory alongside powerful management features, 24/7 customer support, state-of-the-art technology, and consumer-grade design, all of which enable companies and organizations worldwide like Betterment, Adyen (Nasdaq: ADYEY), Wise and Red Bull to get the most out of their travel. Backed by world-class investors like SoftBank Investment Advisers, General Catalyst, Kinnevik, Greyhound Capital, Felix Capital, Target Global, LocalGlobe, Spark Capital, and Heartcore — investors in some of the most disruptive companies in tech, including Airbnb, Uber, Slack, Twitter, Trello, Zalando and Delivery Hero — TravelPerk is reinventing business travel with an end-to-end solution that works. Visit www.travelperk.com for more information.
About AmTrav
AmTrav is an award-winning, modern technology and service platform designed to make business travel personal and productive. Companies of all sizes use AmTrav to book trips, find savings, set travel policies, manage payments and expenses, and keep their travelers safe. Travelers and companies love AmTrav's powerful platform that provides a seamless travel management experience supported by our experts who are always ready to help 24x7. More than 1000 businesses trust AmTrav to go places, meet people, and go further. To learn more about AmTrav and our approach to modernizing air travel, visit www.amtrav.com
Advisers
Oppenheimer & Co. Inc and Houlihan Lokey, Inc acted as financial advisers and Bradley Arant Boult Cummings LLP served as legal adviser to AmTrav. Wilson Sonsini Goodrich & Rosati, P.C. served as legal adviser to TravelPerk.
