American Express Global Business Travel (Amex GBT) agrees to acquire global business travel and meetings solutions provider Continuous wave testing $570 million.
planned get The companies said in a press release on Monday (March 25) that they will provide CWT’s 4,000 customers with access to the Amex GBT ecosystem and generate approximately $850 million in revenue. The transaction is subject to regulatory approvals and other customary closing conditions.
Amex GBT CEO said: “Bringing CWT to the proven Amex GBT software and service model will create more choices for customers, more opportunities for people and more value for shareholders.” Phil Abbott said the press release.
Amex GBT is operated by Global Business Travel Group and provides B2B software and services for travel, expenses, meetings and events, according to a press release. Its product portfolio spans meetings and events, consulting and sustainability solutions, while its marketplace offers a range of other products, the release said.
If the acquisition closes, CWT customers will be able to use Amex GBT’s software and services to pay for travel and expenses— New No. 1Xinhe emergency – and its solutions that allow customers to integrate with technology partners, choosethe press release stated.
For Amex GBT and CWT, the planned transaction will result in approximately $155 million in synergies and greater software and services investment capabilities, according to the release.
“Partnering with Amex GBT helps accelerate our vision for a technology-driven future of business travel, where people and technology combine to deliver a superior customer experience,” said CWT CEO. Patrick Anderson said the press release. “We are confident in the value creation of the combined company.”
More and more small and medium business (SMB) customers are realizing Manage travelOn March 5, Amex GBT executives told investors during the company’s quarterly earnings call.
“[SMB] New wins in 2023 total $2.2 billion, a record for our business and up $100 million year over year,” Abbott said on the call. “Approximately 30% of these are from previously unmanaged customers who are seeking the service savings and control our solutions provide. This is 5 percentage points higher than our 2022 unmanaged new win mix.”
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