Barcelona-based TravelPerk, a global business travel management platform, has announced its acquisition of Chicago-based travel booking company AmTrav. This move is part of TravelPerk’s strategy to expand its footprint in the US market.
Founded in 1989 by Craig Fichtelberg and Jeff Klee in their University of Michigan dorm room, AmTrav has been a leader in the business travel industry for over three decades. The company specializes in a tech-driven platform designed for modern small and mid-market businesses (SMBs).
Jeff Klee, CEO of the US Company, expressed his enthusiasm about the acquisition: “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.”
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Aims of the Acquisition
The acquisition aims to leverage the proprietary technology, AI capabilities, and resources of both companies to accelerate growth in the US market, which the GBTA valued at $329 billion in business travel spending in 2023.
This move is expected to double TravelPerk’s revenue in the US, building on a 65% year-over-year growth in 2023. TravelPerk’s presence will expand with new offices in Boston, Chicago, Los Angeles, and Miami, while AmTrav will retain its brand and team as part of the integration.
Avi Meir, CEO and co-founder of TravelPerk, stated, “I’m thrilled to welcome Jeff, Craig, and the AmTrav team to TravelPerk. Their decades-long track record of success in the US will supercharge our growth both in the US and globally.”
Additional Funding to Support Growth
In addition to its recent $104 million Series D1 Extension funding round in January 2024, TravelPerk has secured a new credit facility of up to $135 million (approximately €125.9 million) led by Blackstone Credit & Insurance and Blue Owl Credit. This capital will support TravelPerk’s plans for organic growth and strategic acquisitions, solidifying its position as the leading SaaS business travel platform for SMB and mid-tier companies.
About TravelPerk
TravelPerk is a SaaS platform dedicated to transforming business travel management with its all-in-one solution. The platform offers freedom for travelers and control for companies, saving time, money, and hassle. TravelPerk serves organizations such as Betterment, Adyen, Wise, and Red Bull, and is backed by investors including SoftBank Investment Advisers, General Catalyst, Kinnevik, Greyhound Capital, Felix Capital, Target Global, LocalGlobe, Spark Capital, and Heartcore.
Stephen Thorne, Investment Director at SoftBank Investment Advisers, highlighted the company’s strategic direction: “In adopting an AI-led approach to expand product automation, TravelPerk’s business model is well positioned to scale pan-regionally.”
With this substantial investment and strategic acquisition, the spain firm is poised to continue its rapid growth and innovation in the business travel industry.
