The Spanish TravelPerk takes over the American company AmTrav; secures EUR 125.9 million for expansion

Barcelona-based TravelPerk, a global business travel management platform, announced the acquisition of AmTrav, a Chicago-based travel reservation company. This will help TravelPerk commit to expanding its presence in the US market.

What does AmTray offer?

AmTrav was founded in 1989 by two friends, Craig Fichtelberg and Jeff Klee, in their dorm room at the University of Michigan.

The company claims to have been a leader in the business travel industry for three decades. It specializes in a technology-driven platform designed for modern small and medium-sized businesses (SMBs).

Commenting on the acquisition, Jeff Klee, CEO of AmTrav, says: “I have admired TravelPerk for a long time and the more I get to know Avi and his team, the more I see what kindred spirits our companies are. AmTrav customers will benefit from TravelPerk’s global reach, scale and culture of innovation.”

“Together, we will continue our mission to use new technologies and the right level of human touch to improve the lives of companies and their travelers. “Craig and I couldn’t be more excited to join this incredibly talented team.”

Purpose of the takeover?

Both TravelPerk and AmTrav seek to leverage their proprietary technology, artificial intelligence capabilities and resources to accelerate their growth in the U.S. market. GBTA said the market was valued at $329 billion in business travel spending in 2023.

TravelPerk’s acquisition of AmTrav is expected to double TravelPerk’s U.S. revenues, based on 65 percent year-over-year growth in 2023.

This move expands TravelPerk’s presence with offices in Boston, Chicago, Los Angeles and Miami. As part of the integration, AmTrav will retain its brand and entire team.

Avi Meir, CEO and co-founder of TravelPerk, says, “I am thrilled to welcome Jeff, Craig and AmTrav to the TravelPerk team as they bring a shared commitment to innovation and delivering solutions that customers love.”

“Their decades-long success in the U.S. will accelerate our growth in the U.S. and around the world.”

And with financial support from world-class investors in Blackstone and Blue Owl, as well as SoftBank earlier this year, we are exceptionally well-positioned to continue investing in industry-leading technology and our global growth.

New loan in the amount of EUR 125.9 million

In addition to its recent $104 million Series D1 extension financing round in January 2024, TravelPerk has secured a new credit facility of up to $135 million (approximately €125.93 million) led by Blackstone Credit & Insurance and Blue OwlCredit.

This capital will support TravelPerk’s plans for organic growth and strategic acquisitions to strengthen its position as the leading SaaS business travel platform for SME and mid-market companies.

Briefly about TravelPerk

TravelPerk is a SaaS platform that aims to transform business travel with an end-to-end solution. It claims to give travelers freedom and control over their business, saving them time, money and hassle, and aiming to streamline business travel management around the world.

The company serves organizations such as Betterment, Adyen, Wise and Red Bull and is backed by investors such as SoftBank Investment Advisers, General Catalyst, Kinnevik, Greyhound Capital, Felix Capital, Target Global, LocalGlobe, Spark Capital and Heartcore.

Stephen Thorne, chief investment officer of SoftBank Investment Advisers, says: “By taking an AI-driven approach to extend product automation, TravelPerk’s business model is well positioned to scale region-wide.”