american express global business travel (Amex GBT) Agrees to Acquire Global Business Travel and Meetings Solutions Provider C.W.T. For $570 million.
Planned acquisition This will give CWT's 4,000 customers access to the AmEx GBT ecosystem and generate approximately $850 million in revenue, the companies said in a press release on Monday (March 25). Ta. The transaction is subject to regulatory approvals and other customary closing conditions.
“Introducing CWT to our proven Amex GBT software and service model will create more choice for our customers, more opportunity for our people, and more value for our shareholders,” said Amex GBT CEO. Phil Abbott said in a release.
Amex GBT, operated by Global Business Travel Group, provides B2B software and services for travel, expenses, and meetings and events, according to a release. The company's portfolio includes meetings and events, consulting and sustainability solutions, and its marketplace also provides access to a variety of other services, according to the release.
Once the acquisition is complete, CWT customers will have access to AmEx GBT's software and services for travel and expenses. neo 1Neo and Egencia — and its solutions that enable customers to integrate with technology partners, selectsays the release.
For Amex GBT and CWT, the planned transaction will result in approximately $155 million in synergies and expanded ability to invest in software and services, according to the release.
“Partnering with Amex GBT allows us to accelerate our vision of a technology-enabled future in business travel, where people and technology converge to deliver a superior customer experience,” said CWT CEO. Patrick Andersen said in a release. “We are very confident in the value creation of the combined company.”
More small and medium-sized business (SMB) customers managed travelAmex GBT executives told investors at the company's quarterly results briefing on March 5th.
“[SMB] Total new acquisitions in 2023 were $2.2 billion, a record for our business and an increase of $100 million year-over-year,” Abbott said on the conference call. “About 30% of this will come from previously unmanaged customers who are looking for savings and control over the services our solutions provide. He is 5 percentage points higher than.
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