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Share TMC acquisitions, mergers and failures have been a feature of the Covid pandemic that has devastated the business travel industry, but last week’s deals took industry consolidation to a new level. The first saw American Express Global Business Travel (GBT), a legacy TMC well versed in scaling up through acquisition, announce a binding offer to bring Expedia-owned Egencia into its stable. GBT has already acquired New York-based Ovation Travel Group this year and, most notably, bought HRG in 2018 in a deal that saw it become the UK’s largest TMC. Also established as the world’s largest TMC, the addition of Egencia – which is thought to be the world’s fourth or fifth largest TMC – gives GBT an incredibly dominant position. ....
More travel executives get their mission-critical industry news from Skift than any other source on the planet.Tell me more January has seen a flurry of financial investments for the corporate travel sector. Several technology companies have revealed funding rounds this month, and rather than the cash propping them up to survive, they’re being regarded more as a vote of confidence in better times ahead. While business travelers remain static, these startups are gearing up for recovery and ready to play a role in helping organizations lower their costs in the future. At a Glance On Wednesday, Barcelona-based startup TravelPerk announced it had acquired U.S. business travel platform NexTravel, signalling its intention to expand stateside. ....