M & A
Amex GBT to acquire CWT in $ 570m deal
I n a move that is seen as a big bet on , and boost for business travel , American Express Global Business Travel ( Amex GBT ) has entered into a definitive agreement to acquire CWT , a global business travel and solutions provider . The transaction values CWT at approximately US $ 570m , on a debt-free basis , subject to certain assumptions and purchase price adjustments . Should the deal go through , it would be one of the largest mergers of travel management companies in recent history . The transaction will be funded by a combination of stock and cash and is expected to close in the second half of 2024 , subject to regulatory approvals . Amex GBT customers include Google , Aon and Bank of America . CWT serves 4,000 customers and is expected to generate approximately $ 850m of revenues and $ 70m –$ 80m of Adjusted EBITDA in 2024 . Paul Abbott , Amex GBT ’ s CEO , said : “ Bringing CWT onto the proven Amex GBT software and services model will create more choice for customers , more opportunities for people and more value for shareholders .” Post-acquisition , CWT customers would have access to Amex GBT ’ s proprietary software and services for travel and expense , including Neo1 , Neo and Egencia , in addition to Select , which enable customers to integrate with leading technology partners . Customers would have access to the portfolio of professional services , including meetings and events . CWT CEO Patrick Andersen said : “ Joining forces with Amex GBT helps accelerate our vision of a tech-enabled future for business travel , where people and technology combine to deliver an exceptional customer experience . We are highly confident in the value creation of the combined company .” The Global Business Travel Association last year forecast that corporate travel spending would recover to its pre-pandemic total of $ 1.4tn in 2024 and grow to nearly $ 1.8tn by 2027 and Paul Abbott told the FT he believed the corporate travel market had a “ massive runway for growth ”.
Left : Paul Abbott , Amex GBT
Hopin finds buyer for StreamYard
Milan-based technology company Bending Spoons has agreed to acquire StreamYard Top Corp ( also known as Hopin ), which operates the products StreamYard , Streamable , and Superwave . StreamYard has powered the live-streaming and recording of more than 60 million videos to date . “ We look forward to leveraging our know-how and technologies to help Streamyard ’ s solutions reach new heights ,” said Bending Spoons cofounder and CEO , Luca Ferrari . “ Our team has built incredible brands , technologies , and global communities across our suite of products … We look forward to seeing the business and products grow to the next level ,” said Hopin CEO , Badri Rajasekar . Hopin ’ s virtual-meeting platform technology was successful during the pandemic but the business waned with the return to live in-person events . The company sold its Events platform and Session product to RingCentral at a knockdown price in August 2023 – an initial $ 15m rising to $ 35m potentially depending on targets . At the height of its success , Hopin had been valued at over $ 7.5bn . Now the remaining products have been acquired by Bending Spoons . Full financial details of the deal were not disclosed .
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