July 16, 2024

TravelPerk buys AmTrav

TravelPerk has doubled down on its US expansion by acquiring Chicago-based AmTrav.

A statement said there were no plans to merge the companies, which will continue to operate independently.

A spokeswoman said all of AmTrav’s 130 employees, based offices in Chicago and Los Angeles, will remain, including its founders Jeff Klee and Craig Fichtelberg.

They will join TravelPerk’s 65-strong team in the US, based in Chicago, Boston and Miami. Worldwide, Barcelona-based TravelPerk has a total of 1,200 employees.

The move will double the company’s revenue in the US, following 65% year-over-year growth in the market in 2023.

TravelPerk has also raised a new credit facility of up to $135 million, led by asset managers Blackstone Credit & Insurance and Blue Owl Credit.

This follows a $104 million Series D1 Extension funding round in January 2024 and gives TravelPerk “a significant capital base to drive organic and inorganic growth”.

Amtrav was founded in 1989 by Klee and Fichtelberg when they were dorm-mates at the University of Michigan.

It offers a “highly localised, tech-first platform for SMB and mid-market companies”.

Both platforms will capitalise on proprietary tech, AI capabilities, and expanded resources to further expand in the US.

Avi Meir, CEO and Co-Founder of TravelPerk, said: “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.”

Jeff Klee, CEO of Amtrav, added: “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 travellers. Craig and I couldn’t be more excited to join this immensely talented team.”

Laura Johnson, Managing Director of Blackstone Credit & Insurance, said the financing illustrates Blackstone’s “continued thematic investment in the travel sector, and our focus on backing fast growing technology businesses”.

The news comes as TravelPerk releases a report on the Value of Business Travel.