Enterprise Investors partners with eTravel to drive market consolidation
Warsaw, 7 January 2025 — Enterprise Investors Fund IX, together with the European Bank for Reconstruction and Development (EBRD) as a minority co-investor, have signed an agreement to acquire a significant minority stake in eTravel, Central and Eastern Europe’s largest tech-enabled business travel management company. This investment, which amounts to EUR 58 million and will allow the company to consolidate the industry in the region, is pending approval by the Polish Office of Competition and Consumer Protection.
The investment marks a strategic partnership between Enterprise Investors and eTravel’s founder and CEO, Andrzej Wierzba. It involves the buyout of passive shareholders and a collaborative effort in driving the company’s growth, supporting its geographical expansion and boosting its market position and range of services. Established in 2006, eTravel is a leader in business travel management across the CEE region. The company operates a state-of-the-art proprietary self-booking platform, Corporate Travel Assistant, which improves efficiency and convenience for its end users, thus reducing costs. This solution features a vast array of functionalities, provides access to a broad database of hotels and travel tickets and offers seamless integration with its clients’ travel and accounting policies. In 2023, eTravel facilitated nearly one million bookings, including 300,000 flights and as many hotel reservations, serving prominent public institutions such as UNICEF, Organization for Security and Co-operation in Europe, National Bank of Poland and dozens of other corporate clients.
“The business travel management sector is undergoing rapid transformation, driven by the growing demand for outsourcing and digital solutions. This creates significant opportunities for companies like eTravel, whose advanced end-to-end platform increases operational efficiency through its direct integration with suppliers. Enterprise Investors is committed to helping eTravel consolidate its leadership in the Polish market while selectively expanding into promising CEE geographies to establish a leading platform in the region,” said Jakub Kuberski, a partner at Enterprise Investors.
An Enterprise Investors managing partner, Dariusz Prończuk, expressed 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. This partnership aligns with our strategy of supporting companies that combine technological leadership with growth ambitions. Moreover, we see great potential in creating a regional platform that can unlock value through synergies across the entire CEE market.”
Andrzej Wierzba, eTravel’s CEO, emphasized the strategic importance of this collaboration: “Joining forces with Enterprise Investors will speed up our international expansion and strengthen our competitive edge through continued investment in our operational capabilities and technology. Together, we can achieve our vision of becoming the foremost business travel management platform in the CEE region and a top 10 European player.”
This transaction underscores Enterprise Investors’ commitment to investing in sectors poised for digital transformation and efficiency-driven growth. With a robust technological foundation and a clear roadmap for expansion, eTravel is well-positioned to lead market consolidation in the region while creating 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 EUR 2.3 billion in 160 companies and exited 140 companies.
For further information please contact:
Anna Czywczyńska, Communications & Public Affairs Director
tel.: +48 22 458 8500
www.ei.com.pl