TravelPerk Acquires Yokoy to Build Integrated Travel and Expense Management Platform
TravelPerk said Tuesday (Jan. 28) that it took a step toward its goal of building an integrated travel and expense management platform by acquiring Yokoy.
The move will add Yokoy’s spend management platform to TravelPerk’s business travel platform, the companies said in a Tuesday (Jan. 28) press release.
“As our relationship with Yokoy and other partners have grown over the last few years, we have heard more and more that customers were having to make hard trade-offs — an integrated solution or two separate best-in-class travel and expense management solutions, a platform delivering a great end-user experience or one optimizing the experience for finance,” TravelPerk co-founder and CEO Avi Meir said in a Tuesday blog post. “We believe that our customers shouldn’t have to compromise.”
With its acquisition of Yokoy and integration with strategic expense management partners, TravelPerk offers customers a choice of localized solutions to meet their needs, according to the release.
TravelPerk and Yokoy have been collaborating since 2020 to jointly offer travel and expense management to customers, per the release.
“Through our shared customers, we’ve seen the value TravelPerk brings, delivering a first-class user experience, an unmatched travel inventory, and of course, integrations into platforms like Yokoy to help streamline the way people book, manage and pay for travel for work,” Yokoy co-founder and CEO Philippe Sahli said in a separate Tuesday blog post. “Today’s announcement is a continuation of that partnership and will bring travel and zero-touch spend management together into one solution.”
TravelPerk also announced in its press release that it raised $200 million in a Series E funding round that nearly doubled the company’s valuation to $2.7 billion.
The company will use the new funding to continue its expansion into the U.S. market and to further develop its product, technology and artificial intelligence for businesses in the U.S. and Europe, according to the release.
TravelPerk said in January 2024 that it closed an additional $104 million investment in an extension of Series D-1 funding it raised in January 2022.
In June, the company expanded into the U.S. by acquiring Chicago-based business travel platform AmTrav.
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