American Express – Amex GBT Lands Ovation Journey Group
American Express International Enterprise Journey has acquired New York-based Ovation Journey Group, the guardian firm of Ovation Journey, Attorneys Journey and Chartwell Journey, the journey administration firm introduced Thursday. The acquisition by GBT is a significant transfer in what might nicely be an energetic mergers and acquisitions setting in 2021 for journey administration firms.
Monetary phrases of the deal weren’t disclosed.
In line with the press announcement, Ovation Journey Group and its workers will turn out to be a division of GBT’s world buyer partnerships group and can proceed to be led by Ovation chairman and CEO Paul Metselaar and the present government group.
GBT world head of mergers and acquisitions Eric Bock mentioned in a press assertion that GBT continues to execute on its acquisition technique within the U.S. small and medium enterprise section. “This acquisition provides a really high-quality asset and enterprise that can improve the service and capabilities we provide prospects.”
Ovation Journey Group ranked No. 15 on Journey Weekly’s 2020 Energy Listing, based mostly on 2019 volumes. On the time, the corporate claimed $1.6 billion in annual gross sales, with 84 p.c pegged as company journey quantity. GBT, ranked No. three on that checklist, claimed $34.1 billion in annual gross sales quantity that 12 months.
Current developments at Ovation embrace a 2019 relocation inside New York Metropolis and establishing new workplaces in London. In 2020, as the corporate maneuvered by way of the pandemic, it launched personal air constitution service and enhanced its traveler security and assist providers.
The corporate additionally diversified its on-line reserving companions, asserting final summer time a brand new reseller partnership with Serko for its Zeno device, which joined a reserving associate roster that already included SAP Concur, GetThere and Deem. With the acquisition, the corporate presumably will add GBT’s KDS Neo to that providing.
Metselaar mentioned in a supplied assertion, “GBT’s 100 years of service excellence, its values-driven tradition, and its dedication to main the business complement us on a worldwide scale, giv[es] me big confidence sooner or later. I’m delighted we’re becoming a member of the GBT household.”
GBT’s Ovation acquisition follows Company Journey Administration’s September 2020 acquisition of Journey and Transport, which ranked No. 13 on Journey Weekly’s checklist. Direct Journey earlier this month acquired Quick’s Journey Administration’s company journey portfolio, not together with the Quick’s sports activities journey enterprise, based on a memo Quick’s despatched to purchasers.
Tag: American Express