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Roomex said the deal will help it grow into new markets while enhancing its booking and payments software.
Business travel platform Roomex is being acquired by Fleetcor, a global business payment firm that seeks to grow its services in Europe.
The deal will fuel growth into new markets for Roomex, which currently operates in Ireland, the UK and Germany. The acquisition will also help the enhancement of its booking and payments software.
Founded in Dublin in 2004, Roomex is a travel platform designed for mobile workforces. It helps customers book, manage, pay and analyse all travel accommodation and expenses.
In 2018, Roomex raised €8m in a Series A funding round led by Draper Esprit. In 2020, it launched RoomexPay to help customers gain better visibility of their spending and launched the Roomex mobile app three months later.
Some of its biggest customers include Musgrave, Dairygold, Dornan Engineering and Mitsubishi.
At the start of this year, Roomex shared plans to double its headcount of more than 70 staff after experiencing record growth in 2021.
The financial details of the Fleetcor acquisition have not been disclosed, but it is expected to be completed by November.
“We are thrilled to join the Fleetcor team,” said Roomex CEO Garry Moroney. “Fleetcor’s distribution scale, payment solutions and client relationships will enable Roomex to expand its product offering and accelerate our sales growth.”
Fleetcor provides payment cards and expense management services to employers. Its accommodation business for travelling workers books tens of millions of hotel room nights annually, across a network of 45,000 hotel properties primarily in the US.
The Roomex acquisition extends Fleetcor’s business accommodation services into Europe, while providing a platform for further international expansion.
“Roomex gives us a very similar workforce lodging business in Europe,” said Fleetcor chair and CEO Ron Clarke. “It provides us a base of operations, expertise and a hotel network from which we can build out the lodging business across Europe while leveraging the significant client base we already have there.”
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