Palo Alto’s TripActions travels afar to take on Europe with $400 million and Comtravo acquisition

Founded in 2015 by Michael Riegel and Jannik Wässa, and backed by investors including Microsoft Venture Fund and Deutsche Bank, Comtravo offers a unique combination of technology and human touch that puts customers at the center of its business model.

Palo Alto-based all-in-one travel, corporate card, and expense management solution TripActions has acquired Berlin-based Comtravo, travel management company serving the German, Austrian, Swiss DACH and Scandinavian regions. This is the company’s second Europe-based acquisition, with the total investment across the U.K. and Europe exceeding 0 million in less than a year.

Combined, the TripActions Group will now support more than 7,500 customers and manage nearly billion in total travel budget across more than 94 countries — with half of the group’s business now in Europe and the UK.

Ariel Cohen, Co-founder and CEO of TripActions said: “We’ve invested heavily across Europe over the past year and Comtravo is the perfect addition to build out our regional offering as the only truly global all-in-one travel, corporate card, and expense management solution.”

Michael Riegel, CEO of Comtravo said: “With our strong customer and supplier relations, we will focus on ensuring that the combined group has the best product offering in the region.”

Specialised invoicing and VAT technology will contribute additional cost- and time-saving offerings to TripActions’ robust end-to-end solution, while localised support will double the number of agents available to assist travelers in Europe.

What new does Comtravo bring to the table? Regional expertise and inventory, including domestic rail, low-cost carriers, and ancillary air travel supply that will further the group’s dominance in the region. 

# Exit, Travel Tech
BY : https://www.mathurapost.com/2022/02/08/palo-altos-tripactions-travels-afar-to-take-on-europe-with-400-million-and-comtravo-acquisition/