TravelPerk acquires AmTrav to accelerate US expansion and announces new $135m backing from Blackstone and Blue Owl
June 18 2024 - 2:35AM
Business Wire
- Global SaaS leader TravelPerk accelerates US expansion with
strategic acquisition; US to become company’s top
revenue-generating region
- AmTrav's highly localized tech platform doubles TravelPerk’s US
revenue and expands its footprint to include offices in Boston,
Chicago, Los Angeles and Miami
- TravelPerk has raised $240m of capital in 2024 from leading
investors Blackstone, Blue Owl, and SoftBank Vision Fund 2
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.
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Samantha Marshall +447412212304 press@travelperk.com