Mergers and acquisitions in the business travel sector are expected to continue, even after the roller coaster year of 2021. Today, Berlin’s Comtravo, a Microsoft-backed travel agency, is selling out.
This latest foray follows the acquisition of UK agency Reed & Mackay in May last year. The Silicon Valley company paid 60 million euros ($68.7 million) for the agency, according to German mediabut this was denied by TripActions, which told Skift that as a private company it does not disclose the terms of its investments.
The start-up of travel management company Comtravo, also founded in 2015, serves the German, Austrian, Swiss and Scandinavian regions. It specializes in invoicing and tax technology, which TripActions says would contribute to its own end-to-end platform, while the deal doubles the number of consultants available to help travelers in Europe.
After the deal, TripActions said it would support 7,500 customers. Half of the group’s business now resides in Europe and the UK, he added.
Comtravo is backed by investors, including the Microsoft venture capital funds and Deutsche Bank. Other investors include Jan Valentin, former Kayak Europe Manager. To date, Comtravo has raised $43 million in funding, according to TechCrunch.
There have been several corporate travel deals over the past year, including the sale of Will Smith-backed TravelBank to US Bancorp for $200 million in November. TripActions has raised a total of $1.3 billion to date, following a Series F raise of $275 million in October last year, which it says gave it a boost. $7.25 billion post-money valuation.