![\"\"](\"https:\/\/storage.googleapis.com\/stateless-www-live-traveldailymedia\/2024\/03\/98428bc9-shutterstock_2085385264.jpg\")
<\/p>\n
American Express Global Business Travel\u00a0(Amex GBT) agreed to acquire global business travel and meetings solutions provider\u00a0CWT\u00a0for $570 million.<\/strong><\/p>\n The planned\u00a0acquisition<\/span>\u00a0would offer CWT\u2019s 4,000 customers access to the Amex GBT ecosystem and create about $850 million in revenue, the companies said in a Monday (March 25) press release. The transaction is subject to regulatory approvals and other customary closing conditions.<\/p>\n \u201cBringing 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,\u201d Amex GBT CEO\u00a0Phil Abbott<\/span>\u00a0said.<\/p>\n Amex GBT, which is operated by Global Business Travel Group, supplies B2B software and services for travel, expense, and meetings and events, according to the release. Its portfolio covers meetings and events, consulting and sustainability solutions, while its marketplace offers access to a range of other offerings, the release said.<\/span><\/p>\n If the acquisition closes, CWT customers would have access to Amex GBT\u2019s software and services for travel and expense \u2014\u00a0Neo 1<\/span>, Neo and\u00a0Egencia\u00a0\u2014 and its solution that allows customers to integrate with technology partners,\u00a0Select.<\/p>\n For Amex GBT and CWT, the planned transaction would deliver about $155 million in synergies and greater capacity for investment in software and services, per the release.<\/span><\/p>\n \u201cJoining 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,\u201d CWT CEO\u00a0Patrick Andersen<\/span>\u00a0said. \u201cWe are highly confident in the value creation of the combined company.\u201d<\/p>\n More small- to medium-sized business (SMB) customers are recognizing the value of\u00a0managed travel<\/span>, Amex GBT executives told investors March 5 during the company\u2019s quarterly earnings call.<\/p>\n \u201c[SMB] new wins for 2023 totaled $2.2 billion, a record for our business, and were up $100 million year over year,\u201d Abbott said during the call. \u201cOf this, approximately 30% has come from previously unmanaged customers who are looking for the service savings and control that our solutions provide. This is 5 percentage points higher than our mix of unmanaged new wins in 2022.\u201d<\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/span><\/p>\n<\/p><\/div>\n