TravelPerk – a hyper-growth global business travel management platform – announced its acquisition of AmTrav, doubling down on its expansion in the US.
Chicago-based AmTrav, which was founded by two friends in their University of Michigan dorm room, has been at the forefront of innovation and thought leadership in the business travel space for the past 30 years. The company offers a highly localized and tech-first platform for modern SMB and Mid-Market companies, which is used by thousands of customers.
This acquisition will see TravelPerk double its revenue in the US, following 65% year-over-year growth in the market in 2023. TravelPerk’s US-based headcount and footprint have expanded to now include offices in Boston, Chicago, Los Angeles, and Miami. Plus, AmTrav will operate under the same brand, and the entire team will continue with the business going forward.
TravelPerk has also raised a new credit facility of up to $135 million led by Blackstone Credit & Insurance and Blue Owl Credit, two leading global alternative asset managers. Along with the company’s recent $104 million Series D1 Extension funding round in January 2024, TravelPerk has a significant capital base to drive organic and inorganic growth as it builds towards becoming the #1 SaaS business travel platform for SMB and mid-tier companies.
Oppenheimer and Houlihan Lokey acted as financial advisers and Bradley Arant Boult Cummings served as legal adviser to AmTrav. Wilson Sonsini Goodrich & Rosati, P.C. served as legal adviser to TravelPerk.
KEY QUOTES:
“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. Their decades-long track record of success in the US will supercharge our growth in the US 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.”
– Avi Meir, CEO and Co-Founder of TravelPerk
“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. 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.”
– Jeff Klee, CEO of AmTrav
“We are excited to partner with TravelPerk as it further expands into the US market, leveraging the power of the Blackstone platform. 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.”
– Laura Johnson, Managing Director of Blackstone Credit & Insurance
“In adopting an AI-led approach to expand product automation, TravelPerk’s business model is well positioned to scale pan-regionally. We believe the combination of the TravelPerk and AmTrav platforms will provide unparalleled service and choice for US SMB and Mid-Market companies.”
– Stephen Thorne, Investment Director of SoftBank Investment Advisers
