April 23, 2024

Steve Singh buys travel management company

Steve Singh, the founder of Concur, has acquired Colorado-based travel management company Direct Travel, along with a group of investors.

Singh will serve as Executive Chairman of the TMC, which has over 4,500 mid-market and enterprise clients in the US and Europe.

According to the announcement, Direct Travel integrates its own AI innovations with a “modern integrated travel technology stack” from Spotnana, Center and Troop – all of which already form part of Singh’s investment portfolio.

Direct Travel CEO Ed Adams, who founded the TMC in 2011, plans to retire.

Christal Bemont has been appointed CEO of Direct Travel. She was formerly CEO of Talend and before that Chief Revenue Officer of SAP Concur.

In addition to Singh, the other investors behind the transaction include Durable Capital Partners, Madrona Ventures, Top Tier Capital Partners and Blackstone Credit and Insurance.

“We will invest to meet our customers’ current needs, grow our customer base in each of the markets we serve, methodically expand the number of markets we serve and the breadth of products we deliver to our clients,” said Singh.

Expansion in Europe is part of the plan, where Direct Travel will continue to work with its UK partner ATPI. The two began working together in 2017 under the name Direct ATPI.

Dennis Vilovic, co-founder and CEO of TROOP, said the deal would help TROOP extend its global reach.

“As TROOP continues to broaden its reach and expand its global footprint, the partnership with Direct Travel, alongside Spotnana and Center, unlocks an opportunity for rapid growth, particularly in the US mid-market,” he said.

“For that reason, TROOP has been heavily investing in its US-based team to lead the region and strengthen TROOP’s capabilities.” 

dt.com

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