Amex GBT Acquisition, Valuation & Financials

HBX Group International PLC is a travel-technology marketplace. The company is engaged in the intermediation of hotel accommodations and complementary travel products between travel suppliers and travel distributors. With the help of its subsidiaries, the Group also assists hotels in optimising their direct online channel, creating booking engines, and supporting digital marketing. The company's maximum revenue is derived from hotel bookings. The company connect between supply and demand, empowering businesses and their travellers, with choice and confidence.

Founded in 1987 by four major European airline carriers (Air France, Lufthansa, Iberia, and SAS), Amadeus became the world’s second global distribution system operator, or GDS, after Sabre’s development in the 1960s and 1970s. Today, among the top three GDS operators that control nearly 100% of industry sales, Amadeus' 40%-plus market share ranks as the largest. Overall, Amadeus’ GDS segment represented 48% of total in 2024. Moreover, the company has an expanding IT solutions division (52% of 2024 revenue) that addresses the airline, airport, rail, hotel, and travel agency markets. Transaction fees, which are tied to volume and not price, account for the bulk of consolidated sales and profits.

Navan Inc is an end-to-end, AI-powered software platform built to simplify the world-wide business T&E experience, benefiting users, customers, and suppliers. Its leveraged technology to reimagine business travel. The company deliver delightful, personalized experiences for users, efficiency and control for customers, and direct market access for suppliers-all powered by its proprietary AI framework, Navan Cognition. Geographically, the company operates in United States, United Kingdom and Other countries, of which United States derives maximum revenue.

TravelSky Technology Ltd provides information technology solutions for aviation and travel companies in China. The company develops commercial airlines, airports, air travel products, and is a services supplier to travel agencies, corporate clients, travelers, and cargo shippers--to conduct electronic transactions and manage travel-related information. The core businesses of the company include aviation information technology services, distribution of information technology services, and clearing & accounting & settlement services for the aviation industry. Aviation information technology service revenue contributes approximately half the company's total revenue.

Beijing Shiji Information Technology Co Ltd is an information technology company based in China. It is engaged in the development of software solutions serving mainly hotel, food and beverage, retail, and leisure and entertainment sectors. Shiji provides branded chain stores with complete management solutions and department store solutions which include investment management system, ERP, CRM, visual counter system, mobile POS and cloud platform. In addition, Shiji provides installation, certifications and after-sales service for a variety of hardware including servers, point of sale equipment and printers.

Agilysys Inc provides hospitality software delivering cloud-native SaaS and on-premise solutions for hotels, resorts, cruise lines, casinos, corporate foodservice management, restaurants, universities, stadiums, and healthcare facilities. The company’s software solutions include point-of-sale (POS), property management (PMS), inventory and procurement, payments, and related applications that manage and enhance the entire guest journey. It derives maximum revenue from the provision of software subscription and maintenance services, followed by the provision of professional services, and the sale of products (proprietary software licenses, third-party hardware, and operating systems). Agilysys operates across North America, Europe, the Middle East, Asia-Pacific, and India.

TravelPerk is a Barcelona-headquartered business travel management platform that combines booking for flights, hotels, and car rentals with policy compliance, expense reporting, and 24/7 support. The all-in-one tool serves corporate teams across Europe and beyond, integrating with expense systems for streamlined operations.

Mews is a cloud-native property management system for hotels, hostels, and serviced apartments serving over 5,000 properties in 85 countries. It automates reservations, payments, and housekeeping via open APIs with 1,000-plus integrations including Stripe and Google. Amsterdam-headquartered Mews won Best PMS at the 2024 HotelTechAwards. Founded in 2013 by hoteliers, it processes millions in bookings monthly across five continents.

Lighthouse is an Amsterdam-headquartered revenue management platform serving the hospitality sector worldwide. The company delivers business intelligence tools, demand forecasting, and dynamic pricing software to hotels and travel operators. Lighthouse integrates data from over 300 sources including online travel agencies and property management systems. Previously operating as OTA Insight, it supports revenue teams in major chains like Hilton and Accor through its cloud-based dashboard for occupancy optimization and rate benchmarking across 190 countries.

EverCommerce is an American software company headquartered in Denver, Colorado, that sells vertical software-as-a-service products to service-based small and medium-sized businesses. It was founded in 2016 by Eric Remer and has grown partly by acquiring software businesses in its target markets. Its offerings combine business management software, integrated payment acceptance, marketing technology and customer engagement applications, organised around home services under the EverPro brand, health services under EverHealth, and fitness and wellness services. Customers pay recurring subscription fees and transaction-based fees on payments processed through its software. Silver Lake invested in the company in July 2019, and EverCommerce listed on the Nasdaq Global Select Market on July 1, 2021 under the ticker EVCM, selling 19.1 million shares at $17 each. It reported revenue of about $589 million and net income of $17.6 million for 2025, and guided to revenue of $612 million to $632 million for 2026. The company had about 1,800 employees in 2026.

IBS Software is a Kochi-headquartered developer of SaaS platforms for airlines, airports, hotels, and cargo operators worldwide. The company delivers passenger services systems like iFly Staff for crew management and iFly Res for reservations, alongside revenue management tools and hotel property management software. Serving over 250 customers including Air France-KLM, Qatar Airways, and Hilton, IBS Software maintains a global presence with offices in the US, UK, Middle East, and Asia-Pacific. Founded in 1997, it focuses on cloud-based solutions for schedule optimization and loyalty programs in the travel sector.

Deliverect is a Ghent-headquartered SaaS platform that integrates online ordering channels like Uber Eats, Deliveroo, and DoorDash with restaurant POS systems. The service automates order syncing to kitchen printers, reducing manual entry errors by 90 percent. Founded in 2018, Deliverect serves 20,000 locations in 30 countries including Europe, Middle East, and Australia, with offices in London and Sydney.

Hostaway is a vacation rental management software company headquartered in Helsinki, Finland. It provides a unified dashboard for channel managers integrating with Airbnb, Vrbo, and Booking.com, plus tools for dynamic pricing, automated messaging, and multi-calendar syncing. Used by over 20,000 property managers worldwide, the platform automates operations for portfolios up to thousands of listings.

Guesty is a private software company founded in 2013 that provides an operating platform for professional short-term-rental hosts and property managers. The system centralizes property listings, reservations, calendars and guest communications across major online travel agencies including Airbnb, Booking.com, Vrbo and Expedia. It also offers revenue management, operational automation, accounting, analytics, owner management and GuestyPay payment processing. Guesty sells subscription software to hospitality operators ranging from individual hosts to enterprise property-management groups. The company says its platform supports more than 500,000 properties across more than 100 countries and uses coordinated AI agents to execute work across revenue, communications, operations and finance. Guesty has expanded its product and geographic coverage through acquisitions including MyVR, Your Porter App, YieldPlanet, Kigo, HiRUM, StaySense, Rentals United and, in September 2026, Smily.

Nanjing LES Information Technology Co Ltd Provides overall solutions for civilian command information systems.

FLYR is a San Francisco-headquartered AI platform for revenue management in airlines, cargo, and hospitality. Its forecasting engine processes petabytes of data for dynamic pricing, inventory optimization, and e-commerce personalization. Clients including United Airlines, Norse Atlantic, and Accor Hotels achieve up to 5% revenue uplift. Founded in 2018, FLYR raised over $100 million in funding and expanded to Europe and Asia with integrations for Sabre and Amadeus systems.

Sabre is a travel technology company headquartered in Southlake, Texas, and the largest global distribution system (GDS) provider for air bookings. Its Sabre Global Distribution System acts as a neutral marketplace that connects airlines, hotels and other travel suppliers with travel agencies and corporate travel managers, giving them real-time availability and pricing, and the company also sells the Sabre Mosaic airline technology platform for reservations and airline operations. Sabre earns mostly transaction fees on bookings made through its marketplace, plus technology revenue from airline customers, and reported revenue of $2.771 billion and net income of $525 million for 2025 with about 4,650 employees. Its main competitors are Amadeus and Travelport. The system was founded by American Airlines in 1960 as the Semi-Automatic Business Research Environment, built with IBM, and later launched the online travel agency Travelocity in 1996. Sabre was spun off from American Airlines as an independent company in 2000, taken private by Texas Pacific Group and Silver Lake in 2007, and listed again on Nasdaq in April 2014 at a $3.93 billion valuation. It sold Travelocity to Expedia in 2015, sold its Hospitality Solutions division to TPG in 2025, and signed a multi-year $1.56 billion technology partnership with Coforge the same year; Kurt Ekert is chief executive.

Canary Technologies is a provider of hospitality software replacing paper processes with digital tools for reservations, payments, and guest messaging. Used by hotels across the U.S., the platform offers analytics on occupancy and revenue, integrating with property management systems like Opera and Salesforce. Canary streamlines check-ins and upsells, serving chains and independents in 50 states.