Travel management platform TravelPerk has acquired Click Travel, a U.K.-based competitor.The acquisition brings under the TravelPerk umbrella more tha
The acquisition brings under the TravelPerk umbrella more than $400 million in annual business travel spending across some 2,000 Click Travel clients — mainly small and midsize businesses, including Five Guys and Red Bull, according to TravelPerk. All 150 of Click’s Birmingham-based staff will join TravelPerk, the companies said.
In the near term, Click’s business and platform will continue to operate independently under TravelPerk’s ownership before Click clients eventually are migrated to TravelPerk, according to TravelPerk chief commercial officer Jean-Christophe Taunay-Bucalo.
“We are not in any hurry and expect the process to be slow and gradual,” Taunay-Bucalo said of the planned integration.
Financial terms of the sale were not disclosed, but TravelPerk described it as the largest of three acquisitions it has made to date, including purchases of U.S.-headquartered NexTravel in January and travel risk management startup Albatross in July 2020. The Click Travel deal is TravelPerk’s first since closing a $160 million funding round in April.
Big buys in corporate travel
In the months since closing its funding round, TravelPerk has made no secret of plans to deploy its war chest of investment on acquisitions in a bid to gain significant market share in preparation for the return of corporate travel after the Covid-19 pandemic.
TravelPerk’s competitors in tech-forward travel management have been making some big buys, and raking in big bucks, as well. Most notably, TripActions in May acquired U.K.-based travel agency Reed & Mackay three months after closing a $155 million Series E round.
Legacy travel management companies have been active buyers as well, including American Express Global Business Travel, which agreed in May to purchase Egencia from Expedia Group.
TravelPerk is based in Barcelona and has offices in London, Berlin and Chicago.
Source: Business Travel News