Travelperk, a prominent business travel management platform, is set to significantly increase its US revenues.
- The company has acquired Chicago-based travel management company AmTrav.
- Travelperk aims to double its revenue in the US following a 65% growth in 2023.
- The acquisition was facilitated by a $135 million credit facility led by Blackstone and Blue Owl.
- AmTrav will continue operating under the same brand, enhancing Travelperk’s reach in the US.
Travelperk, a leader in business travel management, is poised for substantial growth in the United States market with the strategic acquisition of AmTrav, a Chicago-based travel management company. This significant move is anticipated to double Travelperk’s US revenue, following a remarkable 65% growth in this market throughout 2023.
The acquisition deal is underpinned by a robust $135 million credit facility, provided by asset management giants Blackstone and Blue Owl. This financial backing follows an earlier funding round in January, where Travelperk secured $104 million, led by SoftBank Vision Fund 2, with contributions from existing investors such as Kinnevik and Felix Capital. The influx of capital positions Travelperk to further solidify its technological and market prowess.
Both Travelperk and AmTrav will leverage proprietary technology, including advanced AI capabilities, to expand their US operations. This acquisition marks Travelperk’s fourth major acquisition, following previous ventures including the 2021 takeover of Click Travel in the UK. This strategic expansion is part of Travelperk’s broader goal to amplify its footprint in the global business travel landscape.
Operating under the same brand, AmTrav’s entire team will continue its journey with the business, ensuring a seamless transition and continued service excellence. The origins of AmTrav date back to 1989, when founders Jeff Klee and Craig Fichtelberg began their journey from a dorm room at the University of Michigan.
Travelperk co-founder and chief executive Avi Meir emphasises that AmTrav’s success in the US market will “supercharge our growth in the US and around the world,” highlighting the role of their high-caliber investors in reinforcing their industry-leading technology and global expansion efforts.
AmTrav CEO Jeff Klee adds that their customers will benefit significantly from Travelperk’s expansive reach and innovative culture, aligning with their mission to improve business and travel experiences through cutting-edge technology and personalised service. Blackstone’s managing director, Laura Johnson, also shares excitement over the partnership, emphasising Blackstone’s commitment to investing in fast-growing travel technology enterprises.
This acquisition heralds a new era of growth and technological advancement for Travelperk in the US market.
