TravelPerk acquires AmTrav for US expansion

TravelPerk acquires AmTrav for US expansion

Firm also unveils new $135m backing from Blackstone and Blue Owl

Global business travel management platform TravelPerk has addressed the market today to reveal its acquisition of the US-founded company AmTrav, in a bid to grow its expansion in the US.

Chicago-based AmTrav has been around for 30 years. It offers a highly localised, tech-first platform for modern SMB and Mid-Market companies, loved by thousands of customers.

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

The 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 will now include offices in Boston, Chicago, Los Angeles and Miami. 

AmTrav will continue to operate under the same brand, while its team will all stay on under the acquisition.

The travel management platform has raised new credit of up to $135 million, which was led by asset managers Blackstone Credit & Insurance and Blue Owl Credit.

This comes after 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.

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

Laura Johnson, managing director of Blackstone Credit & Insurance, said: “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.”