Barcelona-based travel management platform TravelPerk has acquired business travel platform NexTravel to expand its presence in the United States.
Terms of the deal have not been disclosed.
NexTravel is TravelPerk’s second and largest acquisition, following the integration of risk management startup Albatross in July.
Founded in 2013 by co-founders Wen-Wen Lam and Alexey Pakhomov, NexTravel launched in 2015 from Y Combinator. The Santa Monica-based company counts more than 700 U.S. business clients and more than 300,000 trips processed on its platform.
With NexTravel, TravelPerk says it will “significantly increase” the volume of U.S.-based travel spend on its platform, and the acquisition includes NexTravel’s customer base, technology, employees, inventory and U.S. market expertise.
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“Our primary goal this year has been to meet our customers' changing needs in business travel as they navigate the unique challenges created by COVID-19. Despite the temporary slowdown in travel worldwide, we have been able to invest significantly in our products and technology and move quickly to strengthen our offering, giving us a great platform for continued growth in our priority markets, particularly the U.S.,” says Avi Meir, TravelPerk co-founder and CEO.
“The U.S. has been an important market for TravelPerk for some time, but we’re now more committed than ever to growing our presence here. The acquisition of NexTravel will accelerate our growth in the U.S., doubling the size of our team on the ground and adding significantly to our client base and in-market expertise. This is another important milestone in TravelPerk’s global growth and we are excited to bring our combined offering to market.”
In 2020, TravelPerk says it increased its customer base and worked to future-proof its products to help users navigate the complex landscape caused by the COVID-19 pandemic.
In addition to making improvements to its FlexiPerk refund product, the company released an API-based marketplace of services in September.
Following the deal with NexTravel, TravelPerk says it intends on making further acquisitions in the future as part of its continued growth strategy.
Additionally, TravelPerk has announced a partnership with Southwest Airlines to support growth in the U.S.
In total, TravelPerk has raised $134 million to date, following the close of a $104 million Series C round in July 2019.
* Check this interview with NexTravel co-founder and CEO Wen-Wen Lam for the How I Got Here podcast, recorded in January 2020.