TripActions inherits a Swedish travel agency to strengthen its presence in Europe

Skift grip

The purchase of Germany’s Comtravo last month also meant taking over that agency’s ongoing acquisitions, including plans to buy Sweden’s Resia. That deal is now done and TripActions is gaining a shortcut to Scandinavia.

Matthew Parson

When TripActions bought Microsoft-backed business travel agency Comtravo for $60 million last month, it inherited several of its ongoing acquisitions. The first to appear is a Swedish business travel agency Resia.

The Gothenburg-based company was in the process of being sold to Comtravo as part of its “inorganic growth strategy” — a quality TripActions found attractive, according to an internal document seen by Skift.

“When TripActions completed the acquisition of Comtravo, several other acquisitions Comtravo had in the works were still in progress,” a staff memo said. “The acquisition of Resia is one such transaction. Given Comtravo’s inorganic growth strategy, it is reasonable to assume that there will be more.

Comtravo raised $23.4 million in venture capital investment in November 2019, just before the pandemic hit.

Trading terms of the deal were not disclosed. “As a private company, TripActions Group does not disclose the terms of investments,” a spokesperson said.

According to another internal memo from TripActions, Reisa has a travel budget under management of $140 million.

TripActions said the purchase “provides ideal positioning for future growth in the Nordics.” The purchase of Resia gives it 1,300 new customers and a foothold in the Nordics as it continues its journey through Europe. TripActions now has offices in the UK, Ireland, Sweden, the Netherlands, France, Germany and Portugal. “Resia’s integration into the group accelerates TripActions’ position in Europe, the Middle East and Africa and helps secure its long-term international expansion plans,” a TripActions spokesperson said.

All Resia personnel will remain on board and continue to serve customers in the region. However, he declined to reveal how many employees were included. Resia’s parent company, Resia Travel Group AB, suffered a reorganization approved by the court in May 2020appointment of a law firm Dnovo as administrator. This unloaded his vacation activityBengt-Martins, at Magic Carpet Group in July 2021.

“The situation with Covid-19 meant that the Foreign Office decided on an extended travel ban, countries closed their borders and severe restrictions on events were imposed. For us, this has meant non-existent sales and resulted in high refund claims due to canceled trips and reservations. This forced the decision to file for reorganization to avoid bankruptcy,” the company said. said in a press release.

Resia Travel Group then had a total of 300 employees, according to a local media reportciting documents filed with the Gothenburg District Court as part of its corporate reorganization application.

TripActions declined to say whether it assumed the company’s debts.

But the Silicon Valley startup said it now has 8,800 customers and travel bookings from the European Union are seeing an average growth of 30% week-on-week.

The internal memo also revealed that TripActions is keeping a close eye on its rival. TravelPerk, which bought British travel management company Click Travel in July last year. “TripActions was already a superior, more comprehensive and global solution than TravelPerk, and this acquisition now underscores our regional dominance across ALL of Europe,” the memo reads, captioned, “How will this acquisition help me sell against TravelPerk?”

Meanwhile, 13 business travel associations from European countries, including the French Travel Management Association and that of Germany VDRwho is co-hosting the Global Business Travel Association conference this week european conference in Berlin, have formed a new body called the European Network of Business Travel Associations. The association will have its headquarters in Brussels.

“Until now, business travel buyers – companies, public services, non-governmental organizations – did not have a unified network to make their demands heard at European level. BT4Europe will build a bridge between its member associations and policy makers in Europe,” the association said. “High on his agenda are resuming business travel after the Covid-19 pandemic, modifying business travel to make it more sustainable, and promoting digital processes in business travel.

The company comes as the European branch of the Global Business Travel Association prepares to lobby the European Commission over climate change legislation.

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