Ancillary travel product marketplace TripAdd has acquired AI travel assistant Eddy Travels to expand its market and increase revenue with Eddy’s B2B chatbot services. The deal is a multibillion-dollar all-stock merger, but the companies did not disclose the exact price. TripAdd is based in New York and operates in 10 countries.
Eddy Travels says it has raised €1.5 million in funding to date, following €600,000 in seed funding in April 2020. More than four million users have engaged with the chatbot to find flights, hotels, apartments and tours and activities from platforms such as Skyscanner, Booking.com and GetYourGuide, according to the Lithuania-based company.
TripAdd already uses an AI system for its recommendations, making the acquisition “a seamless transition,” says Eddy Travels CEO Edmundas Balčikonis.
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“TripAdd is growing in the global travel market and requires an automated omnichannel solution for marketing and sales operations. This is where our state-of-the-art AI chatbot solution will play a key role,” says Balčikonis.
“AI technology is a hot topic in the travel industry as legacy travel distribution systems are being upgraded to next-generation technology, and TripAdd will be one of the leaders in the space.”
Businesses use TripAdd to add complementary travel products to their platforms and generate additional revenue by selling custom packages.
TripAdd says it sees the addition of Eddy Travels as a strategic move that will help it scale for the post-pandemic surge in travel.
“We were impressed with the Eddy Travels team and technology from the very first meeting,” says Gabriel Menkin, co-founder and CEO of TripAdd.
Learn more about Eddy Travels in the PhocusWire Getting Started with the Company Q&A.