Tuesday, June 18, 2024 In a strategic move to capitalize on the resurging business travel market, Spain-based TravelPerk has announced its acquisition of Chicago-based business travel platform AmTrav. This acquisition is a pivotal step in TravelPerk’s expansion into the U.S.
, a market projected to reach $329 billion in business travel spend in 2023, according to the Global Business Travel Association (GBTA). TravelPerk, known for its innovative technology and AI-driven solutions, aims to double its U.S.
revenue following this acquisition, building on a remarkable 65% year-over-year growth in the American market. The acquisition will also bolster TravelPerk’s presence with expanded offices in Boston, Chicago, Los Angeles, and Miami. Notably, AmTrav will continue to operate under its existing brand, with its team remaining onboard to further the combined company’s growth trajectory.
This expansion is underpinned by a new credit facility of up to $135 million, led by Blackstone Credit & Insurance and Blue Owl Credit, following a significant $104 million investment from SoftBank Vision Fund 2 earlier this year. These financial infusions signal strong investor confidence in TravelPerk’s ability to navigate and thrive in the competitive U.S.
business travel sector. The acquisition comes at a time when the business travel industry is experiencing a robust rebound. Recent industry discussions, including insights from the NYU International Hospitality Industry Investment Confe.
