TravelPerk, the hyper-growth global business travel management platform, acquired AmTrav, doubling down on its expansion in the United States. Both platforms will capitalize on proprietary tech, AI capabilities and expanded resources to further expand in the U.S. — 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 U.S., following 65% year-over-year growth in the market in 2023. TravelPerk’s U.S.-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 global alternative asset managers.
“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,” Avi Meir, CEO and co-founder of TravelPerk, said. “Their decades-long track record of success in the U.S. will supercharge our growth in the U.S. 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.”
“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,” Jeff Klee, CEO of AmTrav, said. “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.”
“We are excited to partner with TravelPerk as it further expands into the U.S. market, leveraging the power of the Blackstone platform,” Laura Johnson, managing director of Blackstone Credit & Insurance, said. “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.”
“In adopting an AI-led approach to expand product automation, TravelPerk’s business model is well positioned to scale pan-regionally,” Stephen Thorne, investment director of SoftBank Investment Advisers, said. “We believe the combination of the TravelPerk and AmTrav platforms will provide unparalleled service and choice for US SMB and Mid-Market companies.”
Advisers
Oppenheimer and Houlihan Lokey acted as financial advisers and Bradley Arant Boult Cummings served as legal adviser to AmTrav. Wilson Sonsini Goodrich & Rosati served as legal adviser to TravelPerk.
