Business Forum • 8 January, 2025 at 10:34 AM
Enterprise Investors Fund IX, together with the European Bank for Reconstruction and Development (EBRD) as minority co-investor, have signed an agreement to acquire a significant minority stake in eTravel, the largest tech business travel management company in Central and Eastern Europe. This €58 million investment, which will enable the company to strengthen this sector in the region, is subject to the approval of the Polish Office for Competition and Consumer Protection.
The investment marks a strategic partnership between Enterprise Investors and eTravel founder and CEO Andrzej Wierzba. The partnership involves the buy-out of passive shareholders and a joint effort to support the company's growth, geographic expansion, strengthening its market position and diversifying its range of services. Founded in 2006, eTravel is a leader in business travel management in the Central and Eastern European region.
The company operates its own state-of-the-art self-booking platform, Corporate Travel Assistant, which improves efficiency and convenience for end-users while reducing costs. The solution offers a wide range of functionalities, access to an extensive base of hotels and travel tickets, as well as seamless integration with its clients' travel policies and accounting. In 2023, eTravel facilitated nearly one million bookings, including 300,000 flights and just as many hotel bookings, serving such renowned corporate clients as UNICEF, the Organization for Security and Cooperation in Europe (OSCE), the National Bank of Poland and dozens of other corporate clients.
"The business travel management sector is undergoing a rapid transformation, driven by growing demand for outsourcing and digital solutions. This backdrop creates significant opportunities for companies like eTravel, whose advanced end-to-end platform increases operational efficiency through direct integration with suppliers. Enterprise Investors is committed to supporting eTravel in strengthening its leading position in the Polish market by selectively expanding into promising geographies in Central and Eastern Europe in order to develop a reference platform in the region," said Jakub Kuberski, Partner at Enterprise Investors.
Dariusz Prończuk, Managing Partner at Enterprise Investors, expressed his confidence in the company's potential: "We are impressed by eTravel's strong market position and its ability to innovate in a dynamic and evolving industry. The partnership is in line with our strategy to support companies that combine technological leadership with growth ambitions. In addition, we see great potential in creating a regional platform that capitalizes on the synergies of the CEE market."
Andrzej Wierzba, CEO of eTravel, emphasized the strategic importance of this collaboration, "Joining forces with Enterprise Investors will accelerate our international expansion and strengthen our competitive advantage through continued investment in operational capabilities and technology. Together, we can fulfill our vision of becoming the leading business travel management platform in Central and Eastern Europe and a top 10 European player."
The transaction reinforces Enterprise Investors' commitment to invest in sectors poised for digital transformation and efficiency-led growth. With a strong technology foundation and a clear plan for expansion, eTravel is well positioned to drive market consolidation in the region while generating significant value for its stakeholders.
Enterprise Investors is one of the largest private equity players in Central and Eastern Europe. Active since 1990, the firm has raised ten funds, which have invested and committed €2.3 billion in 160 companies and completed 140 exits.