TripActions, a Californian all-in-one travel, corporate card, and expense management solution provider, is set to acquire Comtravo, a European travel management company.
TripActions acquires Comtravo
Comtravo serves the German, Austrian, and Swiss DACH and Scandinavian regions, and is the second Europe-based acquisition for TripActions. Last year, it bought travel and events service Reed & Mackay.
TripActions says it has invested more than $400 million across the UK and Europe in less than a year. In addition to the two acquisitions, it announced a first-of-its-kind corporate travel booking platform in partnership with Lufthansa and also launched its corporate card and expense management solution, Liquid, in EMEA (in partnership with Stripe).
Combined, the group will support more than 7,500 customers and manage nearly $6 billion in total travel budget across more than 94 countries – with half of the group’s business now in Europe and the UK.
It now has offices in London, Amsterdam, Paris, Dublin, Berlin, Frankfurt, Munich, Tel Aviv, and Lisbon.
“TripActions is on the fast track to dominating travel and expense on a global scale,” says co-founder and CEO Ariel Cohen.
The company was founded in 2015. Earlier this year, it announced its Series F funding of $275 million, bringing its valuation to $7.25 billion. In early 2020, it landed a $500 million credit facility from a trio of US banks.
Berlin-based Comtravo is the same age as TripActions. It’s backed by investors including Microsoft Venture Fund and Deutsche Bank.
Comtravo will bring domestic rail, low-cost carriers, and ancillary air travel supply to the TripAction offering in the region, as well as specialised invoicing and VAT technology.
