Travel management platform TravelPerk has acquired AmTrav, doubling its U.S. revenue as AmTrav, a longtime Power List agency, will continue to operate under its distinct brand, the companies announced.
With the acquisition, terms of which were not disclosed, Barcelona-based TravelPerk gains offices in Boston, Chicago, Los Angeles and Miami. The US was already a growth market for TravelPerk, with revenue growth of 65% year-over-year in 2023, and the acquisition puts the US in its highest revenue-generating region.
Meanwhile, for AmTrav, “business will continue as usual,” said CEO Jeff Klee, who co-founded AmTrav alongside Craig Fichtelberg, in a letter announcing the acquisition to customers. “Despite having a new parent company, we maintain our brand, we maintain our booking tool and, most importantly, we maintain our team.”
He said it would be similar to TravelPerk’s acquisition of UK-based travel management company Click Travel, which continues to serve its customers with its team under the TravelPerk umbrella.
Klee said TravelPerk is a “kindred spirit” to AmTrav in its focus on software and services, and the acquisition will allow TravelPerk to offer more products to its customers, such as TravelPerk’s FlexiPerk refundable fare option, and free up its customer service team. Development with the ability to leverage TravelPerk’s capabilities will also allow AmTrav to expand its global reach, he said.
“Historically, AmTrav has not been able to serve companies with large international operations who wish to pay in multiple currencies,” Klee said in the letter. “As we team up with TravelPerk, we will soon be able to support organizations with travelers in Britain and across Europe with an integrated solution, with more geographies to come.”
TravelPerk announced it has also raised a new line of credit of up to $135 million, with Blackstone Credit & Insurance and Blue Owl Credit leading the support. In January, the company announced a $104 million funding round led by Japanese technology investment firm SoftBank.
AmTrav’s “decades-long track record of success in the U.S. will drive our growth in the U.S. and around the world,” TravelPerk CEO and co-founder Avi Meir said in a statement. “With the financial support of world-class investors… we are exceptionally well positioned to continue to invest in industry-leading technology and our global growth.”
This report was originally published in Business Travel News.
