Barcelona-based travel management firm TravelPerk has announced the acquisition of AmTrav, a US-focused travel management platform, in a strategic move to bolster its presence in the American market. The terms of the deal remain undisclosed.
Avi Meir, co-founder and CEO of TravelPerk, shared the news in an online post, expressing enthusiasm for the acquisition. “Backed by an additional $135 million in capital from credit facilities provided by Blackstone and Blue Owl Capital, we are thrilled to announce our acquisition of AmTrav,” said Meir.
Founded by Jeff Klee and Craig Fichtelberg 30 years ago in their University of Michigan dorm room, AmTrav has grown into a leader in US business travel. Meir noted that both companies share a commitment to innovation and customer-centric philosophies. “We are completely aligned in leveraging AI and technology to simplify and enhance business travel,” he added.
In the near term, TravelPerk and AmTrav will continue to operate independently. Meir hinted at upcoming advancements resulting from this partnership, promising exciting developments in product and technology for their customers.
Ranked as the eighth largest travel management company in Europe, TravelPerk reported gross European sales of €1 billion in 2023. The acquisition of AmTrav, which operates out of Chicago with additional offices in Boston, Los Angeles, and Miami, is expected to double TravelPerk’s US revenue, already buoyed by a 65 per cent year-on-year increase in 2023.
Jeff Klee, CEO of AmTrav, reassured customers that the acquisition would not disrupt their services. “We will continue operating as we always have, maintaining our brand, booking tool, and team,” Klee stated in a letter to customers. He disclosed that TravelPerk had initially approached AmTrav in 2021, but they did not feel an urgency to sell at that time.
Klee emphasised the significance of maintaining independent technology stacks for both companies and forecasted a significant reduction in the number of travel management companies over the next five years. “In TravelPerk, we found a kindred spirit with a similar mission and culture. Ultimately, it was the passion, energy, creativity, and decency of the TravelPerk team that won us over,” Klee concluded.