Wego, an online travel marketplace for the Middle East and North Africa, has acquired Travelstop, a platform for managing business travel and expenses.
Terms of the deal were not disclosed, but Wego said the move enables it to expand into business travel while Travelstop will be able to take advantage of Wego's regional network.
Ross Veitch, CEO and co-founder of Wego, said: "This strategic move is in line with our vision of offering comprehensive travel solutions to businesses in the region. Together, Travelstop and Wego will empower businesses to streamline their travel and expense management processes, introducing new levels of convenience and cost-efficiency.”
Prashant Kirtane, CEO and co-founder of Travelstop, added: "With our combined expertise and assets, we are confident in our ability to deliver an exceptional business travel experience to our customers. Our focus on product innovation and on customer satisfaction will enable us to set new industry standards and redefine the future of business travel."
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Wego also said the acquisition would help businesses deal with the challenges of "operating in emerging markets" with manual processes still in place.
According to the Global Business Travel Association's Business Travel Index in 2022, business travel in the Middle East and Africa region hit 86% of its pre-pandemic levels last year, outstripping recovery in other regions including the Americas and Asia Pacific.
Meanwhile, a report from the World Travel & Tourism Council estimated business travel spend growth of almost a third in 2022 in the MEA region.
Singapore-based Travelstop was founded in mid-2019 and announced $3 million in a pre-Series A round in July 2019.
Wego has been steadily growing its presence in the Middle East in recent years. Most recently it acquired the Middle East business of online travel agency Cleartrip.