Third and largest buyout for ambitious and fast-growing US travel management firm
TravelPerk acquisition spree continues with deal to buy Click Travel
The deal, financial details of which were undisclosed, was funded by the Baupost
Group, a Boston-based investor with $31 billion in assets under its management.
Terms of the acquisition include Click Travel’s employees, technology and its customer base.
TravelPerk said the buyout establishes it as the leading travel management platform for the SMB market globally and for the UK as a whole.
In April the firm announced a £160 million Series D funding round led by Greyhound Capital, with participation from existing investors.
Avi Meir, chief executive and co-founder of TravelPerk, said: “We’re really excited to welcome Click Travel’s fantastic and talented team to TravelPerk to build long term growth and to significantly expand our on-the-ground team in the UK.
“We’re now not just the dominant player in the UK, we’re the leading travel management platform for SMBs globally and the only major travel platform keeping a laser focus on the tech-driven solutions that will stand the test of time.
“Since March last year, our strategy has been to invest massively in our product offering and in our global reach, so that we were well-positioned for the recovery when it came. Today’s news is a major part of that plan.
“There is no doubt that the business travel market is on track for a full recovery after the disruption of the last year. The meetings that matter will always happen in person and we are already seeing plenty of green shoots in our key markets.”
James McLean, Click Travel chief executive added: “Click Travel and TravelPerk share the same mission: to reduce the cost and complexity of business travel for everyone involved by offering the best inventory and technology and delighting our customers with superb customer service throughout.
“Those shared objectives, combined with the natural cultural fit between our two companies, means we are incredibly excited to bring our teams together. Combining TravelPerk’s industry-leading knowledge, technology, experience and first class customer support with our own is a powerful proposition and we can’t wait to get started.”
Founded in 1999, Click Travel claims to be the UK’s fastest growing corporate travel management company. Clients include Five Guys, Red Bull and Talk Talk.
TravelPerk said acquisition will combine Click Travel’s UK market expertise and customer base with its international inventory and suite of products “to provide a 7-star experience for global business travellers during and after the COVID-19 pandemic”.
The Click Travel team of 150, based in Birmingham, will be integrated into TravelPerk making the city a new hub to bolster TravelPerk’s position in the UK business travel market.
TravePerk said: “As the only player in the travel industry to continue scaling and growing since the beginning of the pandemic with a strategy that didn’t involve any layoffs, TravelPerk is able to invest strategically in growth during a period of market consolidation.
“The company’s acquisition strategy is driven by a focus on businesses that share its future-focused, tech-driven approach to travel management.”