SoftBank-backed travel tech firm TravelPerk acquires U.S. rival and bags $135 million for expansion
Summary
LONDON — TravelPerk, a European corporate travel booking platform, told CNBC on Tuesday it has acquired Chicago-based startup AmTrav to help further its expansion in the U.S. AmTrav, which operates in the same space as TravelPerk, will continue to operate under the same brand and its entire team will continue with the business. To help fund the deal and TravelPerks broader expansion efforts, the company also raised $135 million in debt financing from private equity firms Blackstone and Blue Owl. Avi Meir, TravelPerks CEO and co-founder, told CNBC the deal would allow the company to turbocharge its growth in the United States. He expects the deal to double TravelPerks U.S. revenues and make the country its biggest revenue-generating region by 2026. Going forward, Meir said, TravelPerks takeover of AmTrav will help support a "deep localization strategy" in the U.S., and enable it to offer customers "better rates and inventory options through deeper relationships with suppliers."