Dubai-based Tek Travels has acquired a 51% stake in B2B accommodation provided BookaBed.
Tek Travels is a wholly-owned subsidiary of TBO, a global travel distribution platform which says it connects “over 100,000 travel buyers across more than 110 countries with millions of travel suppliers”.
Following the acquisition of the stake, Swiss-based BookaBed is targeting greater market share thanks to TBO’s API business and its trade training platform TBO Academy.
Gaurav Bhatnagar, joint managing director of TBO, said: “We are excited to welcome everyone at BookaBed to the TBO family. BookaBed allows TBO’s entry into the Irish market and strengthens our UK presence.
“Both TBO and BookaBed have a significant opportunity to leverage each other’s strengths and further expand our presence in current and future markets. What really makes this truly promising is our shared core values.
“There are synergies in our business models and vision, but the core values we share are vital when building for the long term.”
Karl Tyrrell, chief executive of BookaBed, said: “We are very excited to partner with TBO and delighted to join the TBO family. As the world returns to travel, BookaBed looks forward to leveraging TBO’s technology and content.
“This, combined with BookaBed’s deep distribution reach and market position in Ireland and the UK, creates an even more compelling value for BookaBed customer partners.”
He added: “We will continue to service our customers as we currently do and promote and operate the BookaBed brand that is so well known in these markets. There will be no change to our management, sales or support teams.”