Enterprise Investors Fund IX, together with the European Bank for Reconstruction and Development (EBRD) as a minority co-investor, has signed an agreement to acquire a significant minority stake in eTravel – the largest travel management technology company in Central and Eastern Europe. The investment, worth PLN 250 million, will enable the company to consolidate the industry in the region and is currently awaiting approval from the Office of Competition and Consumer Protection.
This transaction marks the beginning of a strategic partnership between Enterprise Investors and eTravel’s founder and CEO, Andrzej Wierzba. The deal involves buying out passive shareholders and aims to accelerate the company’s geographical expansion, strengthen its market position, and broaden its offerings. Founded in 2006, eTravel is now the undisputed leader in business travel management in the Central and Eastern Europe (CEE) region. The company uses a modern, proprietary self-service platform – the Corporate Travel Assistant – which significantly increases user efficiency and convenience while reducing costs. The platform offers a wide range of functionalities, access to an extensive database of hotels and tickets, and seamless integration with accounting systems and clients’ business travel policies. In 2023, eTravel completed nearly one million bookings, including 300,000 flights and the same number of hotel reservations, serving well-known public institutions such as UNICEF, the Organization for Security and Co-operation in Europe (OSCE), and the National Bank of Poland, as well as dozens of corporate clients.
“The business travel management industry is undergoing dynamic changes, driven by the growing demand for outsourcing and digital solutions. This creates tremendous opportunities for companies like eTravel, which, thanks to advanced technologies, enhance operational efficiency through direct integration with service providers. Enterprise Investors will actively support eTravel in further strengthening its leadership position in the Polish market and in selective expansion into promising markets in Central and Eastern Europe. Our goal is to build a regional champion,” said Jakub Kuberski, Partner at Enterprise Investors.
Dariusz Prończuk, Managing Partner at Enterprise Investors, 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 changing sector. This partnership aligns with our strategy of supporting companies that combine technological leadership with growth ambitions. Moreover, we see enormous potential in creating a regional platform that will allow for the utilization of synergies across the entire CEE region.”
Andrzej Wierzba, founder and CEO of eTravel, highlighted the strategic importance of the partnership:
“Partnering with Enterprise Investors will allow us to accelerate international expansion and strengthen our competitive edge through continued investments in operational and technological development. Together, we aim to realize the vision of becoming the leading business travel management platform in the CEE region and one of the top ten players in all of Europe.”
This transaction confirms Enterprise Investors’ readiness to invest in sectors undergoing digital transformation and striving to increase operational efficiency. With strong technological foundations and a clearly defined growth strategy, eTravel is well-positioned to serve as a consolidating platform in the regional market and generate long-term value.
Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. It has been operating since 1990 and has established ten funds. These funds have invested or committed to invest a total of EUR 2.3 billion in 160 companies and have exited 140 companies.
Source: Manager Plus
