HBX Group
HBX Group is a B2B travel technology company operating a global marketplace that connects 300,000+ hotels with 60,000+ travel distributors across 170+ countries. It generates revenue primarily through commissions on Total Transaction Value, with FY2025 revenue of €720 million.
- Company typePublic
- Founded2023
- HeadquartersPalma De Mallorca, Spain
- Headcount1,001–5,000
- GTM typeB2B
- OfferingDigital Commerce or Content
What HBX Group does
HBX Group International plc is a UK-domiciled, publicly listed (BME:HBX, since February 2025) B2B travel technology company headquartered in Palma de Mallorca, Spain. It operates a connected ecosystem that connects 300,000+ hotels, 23,000+ experiences, 9,000+ transfer routes, and 150+ car rental suppliers with 60,000+ travel distributors (wholesalers, tour operators, OTAs, retail travel agencies, TMCs) across 170+ countries. The portfolio is organised around five core sub-brands: Hotelbeds (wholesale marketplace), Bedsonline (retail travel agent booking engine), The Luxurist (luxury B2B hub with 7,000+ La Collection properties), Roiback (direct channel technology and digital marketing for hotels), and Civitfun (front-desk automation and online check-in across 3,500+ hotels and 60+ PMS integrations). The group also owns PerfectStay (dynamic packaging) and Bridgify (AI experiences distribution) following 2024–2026 acquisitions.
The platform architecture combines a Partner Portal for hotel inventory and rate management, an API Suite (Booking, Cache, Content APIs) processing 7+ billion daily searches at stated 91%+ response accuracy, a Marketing Suite (display advertising, sponsored listings, bespoke campaigns), and Fintech & Insurtech services delivered through integrations with Mastercard's Wholesale Programme and Outpayce (Amadeus). The underlying data infrastructure is a 450TB+ data lake feeding AI-driven content standardisation, demand forecasting, dynamic pricing, and the multilingual 'Olivia' customer service chatbot.
Revenue is generated primarily through commissions on Total Transaction Value (TTV), supplemented by marketing services, fintech, and insurance fees. The company reported FY2025 revenue of €720 million (+5% YoY) on TTV of €8.2 billion, and H1 2026 revenue of €309 million (+1% constant currency) on TTV of €3.8 billion (+17% YoY) with adjusted EBITDA of €163 million (53% margin) and 103% cash conversion. Following its €748 million IPO in February 2025, HBX Group has executed three acquisitions (Civitfun, PerfectStay, Bridgify), signed multi-year strategic partnerships (Dida, Traveloka, Mastercard, Outpayce), and launched a €100 million share buyback alongside a 20% payout ratio dividend policy. Pre-IPO shareholders CPPIB, Cinven, and EQT Group retain material positions.
HBX Group firmographics
Firmographics- Name
- HBX Group
- Legal name
- HBX Group International plc
- Website
- https://www.hbxgroup.com/
- Company type
- Public
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- HBX Group is a B2B travel technology company operating a global marketplace that connects 300,000+ hotels with 60,000+ travel distributors across 170+ countries. It generates revenue primarily through commissions on Total Transaction Value, with FY2025 revenue of €720 million.
- Ownership category
- akta.pro rank
HBX Group industry classification
Industry- Product category
- Travel Distribution / B2B Travel Marketplace
- NAICS
- Freight Transportation Arrangement (4885), Travel Agencies (56151)
- akta.pro primary industry
- B2B Travel Distribution Marketplaces & Wholesalers (Beds/Inventory Exchanges) (THALAFAJ)
- akta.pro secondary industries
- Wholesale Distribution Platforms & Switches (B2B Booking Engines/Marketplaces) (THAKAJAG), B2B Travel Credit, Invoice & Settlement Solutions (THALAHAD)
Keywords
Where HBX Group is headquartered
LocationHeadquarters
- HQ city
- Palma De Mallorca
- HQ country
- Spain
- HQ region
- Europe
Offices3 records
Markets served
HBX Group business model
Business model- GTM type
- B2B
- Offering type
- Digital Commerce or Content
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Transaction-based commissions on TTV: Primary revenue stream is commission on the Total Transaction Value (TTV) routed through the B2B marketplace; Half Year 2026 results report TTV of €3.8bn (up 17% YoY).
- Advertising and marketing services: Revenue from display advertising, sponsored listings, and bespoke marketing campaigns delivered through the Marketing Suite.
- Fintech and Insurtech services: Funding, payment, and insurance solutions provided to travel businesses.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Hybrid | Pay-as-you-go | Not publicly disclosed |
Go-to-market motion3 records
HBX Group product offering
Product offeringCore offering
HBX Group operates the world's largest B2B travel marketplace, connecting 300,000+ hotels with 60,000+ travel distributors (tour operators, OTAs, travel agencies, TMCs) across 170+ countries. Its portfolio combines sub-brands Hotelbeds, Bedsonline, The Luxurist, Roiback, and Civitfun with the API Suite, Partner Portal, Marketing Suite, and Fintech/Insurtech services to distribute accommodation, transfers, experiences, and car rental inventory. Revenue is earned primarily through transaction commissions on Total Transaction Value (TTV), which reached €8.2bn in FY2025 and €3.8bn in H1 2026.
Product overview
HBX Group operates a B2B travel technology ecosystem structured as a platform-plus-modules architecture, with five core owned-and-operated sub-brands (Hotelbeds as the largest wholesale travel marketplace, Bedsonline for retail travel agents, The Luxurist for luxury travel, Roiback for direct channel/hotel tech, and Civitfun for front desk operations) supported by cross-cutting product modules including the API Suite (Booking, Cache, Content APIs), Partner Portal, Marketing Suite, Finance and Insurance solutions, eCommerce solutions, and the AI-powered Olivia chatbot. The 2026 portfolio further expands through the acquisitions of PerfectStay (dynamic packaging), Bridgify (AI experiences distribution), and Civitfun (hotel operations), with the AI-ready distribution foundation and post-booking engagement capabilities on the roadmap.
Differentiator
Problem solved
Functional benefit
Brands
- Hotelbeds: The largest travel marketplace for wholesalers; core B2B distribution brand of HBX Group.
- Bedsonline
- The Luxurist
- Roiback
- Civitfun
Products and services
- Hotelbeds Global B2B travel marketplace for wholesalers, offering 300,000+ properties, 23,000+ experiences, 9,000+ transfer routes, and 150+ car rental suppliers. Processes 7B+ searches per day and serves 60,000+ travel distributors across 135+ markets.
- Bedsonline Curated travel portfolio and B2B booking engine exclusively for retail travel agents worldwide, offering hotels, transfers, experiences, and 23,000+ travel experiences with award-winning tools and global team support.
- PerfectStay Paris-based dynamic packaging technology for the B2B2C travel market, combining flights, hotels, and ancillaries into customisable packages, integrated with HBX Group's global hotel inventory.
- Bridgify AI-native travel technology platform distributing 1M+ curated travel experiences, with proprietary recommendation algorithms matching experiences to individual traveller profiles.
Quantifiable outcome
- Reach 60,000+ travel distributors across 135+ markets via a single integration.
- +5 more outcomes
Companies that use HBX Group
Customer profileNamed customers5 records
Ideal customer profiles3 records
HBX Group technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration10 records
AI capability14 records
Feature6 records
HBX Group partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and major.
- Civitfun (Spanish hospitality technology)coreAcquisition of Civitfun to enhance smart hospitality offerings, connecting over 60 PMS systems and serving more than 3,500 hotels across 36 countries with contactless check-in and guest communication tools.
- TravelokacoreStrategic partnership integrating 40,000+ locally contracted APAC hotels, with a focus on Indonesia, into HBX Group's supply ecosystem, signed during MarketHub Asia in Bali.
- BridgifycoreAcquisition of AI-native travel technology company Bridgify for €3m upfront, with deferred payments tied to performance milestones.
- PerfectStaycoreAcquisition of PerfectStay via performance-based payment mechanism extending to 2030, with initial participation in 2024 and full acquisition in 2026.
- Outpayce (Amadeus)majorCloud-native fintech platform partnership to automate and simplify B2B payment flows between travel agencies, hotels, airlines, and destination service providers.
- Emerging Travel Group (ETG)coreDirect API integration granting ETG access to HBX Group's complete inventory of private and shared airport transfer services across hundreds of international destinations.
- MastercardmajorGlobal virtual payments rollout leveraging Mastercard Wholesale Programme, enabling B2B travel payments across EU, UK, and US with expansion plans to APAC and LATAM.
Scale indicators15 records
Recent moves9 records
Expansion highlights8 records
HBX Group competitors and assessment
Company assessmentDirect peers
- WebBeds (Webjet Markets): WebBeds is the closest direct competitor to HBX's Hotelbeds brand — a B2B travel marketplace distributing hotel inventory to travel distributors globally, with overlapping customer base of OTAs, tour operators, and travel agents and a comparable commission-based revenue model.
- Dida Holdings: Dida is a China-headquartered B2B travel technology platform and HBX's strategic partner under a seven-year preferred deal — directly comparable as a B2B distributor of hotel inventory targeting China and Asia outbound travel, with overlapping technology-led distribution model.
Broad incumbents
- Amadeus: Amadeus is a global travel technology incumbent spanning GDS, airline IT, and hospitality distribution; its Outpayce fintech unit is now partnered with HBX. It overlaps with HBX in hotel distribution and B2B travel technology at much larger scale, with broader portfolio across air and ground.
- Sabre Corporation: Sabre operates a global GDS and hospitality distribution platform serving travel suppliers and buyers; comparable to HBX's API Suite and B2B distribution model, though its core franchise is air GDS with hotel distribution as an adjacent offering.
- Travelport (now part of Manhattan Acquisition Corp): Travelport is a global travel retail platform providing GDS and hotel distribution services to travel agencies and suppliers — directly comparable to HBX's B2B distribution and API capabilities, serving similar agency and OTA customers.
- Expedia Partner Solutions: Expedia Partner Solutions is the B2B distribution arm of Expedia Group, providing hotel inventory and travel products to partners via APIs — directly competitive with HBX's API Suite and partner portal, with comparable supply depth from a leading consumer OTA.
- Booking.com Partner Solutions: Booking.com's connectivity and partner solutions business distributes hotel inventory from the world's largest OTA to affiliates — directly comparable to HBX's distribution business in terms of supply depth, partner integrations, and B2B API access.
- Trip.com Group: Trip.com Group is a global OTA conglomerate with B2B travel components serving APAC — comparable to HBX in offering integrated hotel, transfer, and experiences distribution, with particular overlap in APAC where HBX is expanding via Traveloka and Dida partnerships.
Emerging players
- HotelRunner: HotelRunner is a B2B SaaS and channel manager platform for hotels, comparable to HBX's Roiback direct channel business and channel manager integrations — smaller and emerging, with overlap in hotel distribution technology for independent properties.
- GetYourGuide: GetYourGuide is a leading experiences marketplace — comparable to HBX's Bridgify acquisition and 23,000+ experiences inventory. GetYourGuide serves primarily B2C but increasingly offers partner/B2B distribution, overlapping with HBX's experiences distribution roadmap.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
HBX Group social profiles
Digital presenceHBX Group compliance and trust
Trust signalCompliance1 record
HBX Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
HBX Group leadership team
Management profileNumber of profiles
Profiles8 records
HBX Group subsidiaries and ownership
Company hierarchySubsidiaries7 records
HBX Group funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
HBX Group M&A and investment
M&A and investmentM&A3 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about HBX Group
What does HBX Group do?
HBX Group operates the world's largest B2B travel marketplace, connecting 300,000+ hotels with 60,000+ travel distributors (tour operators, OTAs, travel agencies, TMCs) across 170+ countries. Its portfolio combines sub-brands Hotelbeds, Bedsonline, The Luxurist, Roiback, and Civitfun with the API Suite, Partner Portal, Marketing Suite, and Fintech/Insurtech services to distribute accommodation, transfers, experiences, and car rental inventory. Revenue is earned primarily through transaction commissions on Total Transaction Value (TTV), which reached €8.2bn in FY2025 and €3.8bn in H1 2026.
Is HBX Group a public or private company?
HBX Group is a public company. It is classified as public and is currently operating.
When was HBX Group founded?
HBX Group was founded in 2023. It employs 1,001 to 5,000 people.
Where is HBX Group based?
HBX Group is headquartered in Palma De Mallorca, Spain, in the Europe region.
How does HBX Group make money?
Three revenue lines are on record. Transaction-based commissions on TTV is the primary driver. The others are advertising and marketing services and fintech and Insurtech services.
Who are HBX Group's main competitors?
Direct peers on record are WebBeds (Webjet Markets) and Dida Holdings. Broad incumbents are Amadeus, Sabre Corporation, Travelport (now part of Manhattan Acquisition Corp), Expedia Partner Solutions, Booking.com Partner Solutions and Trip.com Group. Emerging players are HotelRunner and GetYourGuide.
Does HBX Group have an API?
Yes. HBX Group offers a partner-facing API Suite (Booking, Cache, and Content APIs) that connects partners to HBX Group's global travel inventory including hotels, transfers, experiences, and holiday packages. The APIs support high-volume booking flows with 7 billion searches per day, 91%+ response accuracy, and integrate with channel managers and partner systems. Authentication, rate limits, versioning, and sandbox availability are not specified in the source. Developer documentation is at www.hbxgroup.com/products-and-services/api-suite.
What industry is HBX Group in?
HBX Group's product category is Travel Distribution / B2B Travel Marketplace. Its primary akta.pro industry code is THALAFAJ, B2B Travel Distribution Marketplaces & Wholesalers (Beds/Inventory Exchanges), with a secondary code of THAKAJAG, Wholesale Distribution Platforms & Switches (B2B Booking Engines/Marketplaces). Its NAICS code is 4885.