DMCC-based Tek Travels acquires 51 percent stake in Swiss BookaBed
BookaBed intends to increase its market share in Ireland and the UK by leveraging TBO’s global API business, and TBO Academy that trains and educates travel agents and travel trade partners.
TBO is one of the leading global travel distribution platforms according to “Travel and Tourism Industry Report” issued by PGA Labs in December 2021, connecting over 100,000 travel buyers across more than 110 countries with millions of travel suppliers. BookaBed based in Switzerland is also a B2B accommodation provider to the Irish and UK travel industries.
Gaurav Bhatnagar, Co-Founder and 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. Under Karl’s continued leadership, we look forward to strengthening BookaBed’s business."
Karl Tyrrell, CEO of BookaBed, added: “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.”
According to Tyrell, there will be no change to Bookabed’s management, sales or support teams.
TBO proposition is a comprehensive rewards program designed exclusively for buyers where they can earn reward points for each transaction done through the TBO platform and points can be redeemed for a variety of lifestyle and travel products. TBO also has a dedicated corporate travel booking platform focused on religious tourism, making TBO a simplified travel ecosystem.