HBX Group

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.

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

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

• B2B travel marketplace
• Hotel distribution platform
• Travel technology solutions
• Wholesale accommodation booking
• Travel API integration

Headquarters

HQ city

Palma De Mallorca

HQ country

Spain

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Digital Commerce or Content

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. 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).
2. Advertising and marketing services: Revenue from display advertising, sponsored listings, and bespoke marketing campaigns delivered through the Marketing Suite.
3. Fintech and Insurtech services: Funding, payment, and insurance solutions provided to travel businesses.

Pricing tiers

Go-to-market motion3 records

Core 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

Named customers5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

AI capability14 records

Feature6 records

Partnerships

Seven partnerships are on record, tiered core and major.

• Civitfun (Spanish hospitality technology)coreTechnology or Integration · 15 May 2026Acquisition 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 or Co-development Partner · 1 May 2026Strategic 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.
• BridgifycoreTechnology or Integration · 1 May 2026Acquisition of AI-native travel technology company Bridgify for €3m upfront, with deferred payments tied to performance milestones.
• PerfectStaycoreTechnology or Integration · 1 April 2026Acquisition of PerfectStay via performance-based payment mechanism extending to 2030, with initial participation in 2024 and full acquisition in 2026.
• Outpayce (Amadeus)majorChannel Partner/ Reseller/ Distributor · 1 March 2026Cloud-native fintech platform partnership to automate and simplify B2B payment flows between travel agencies, hotels, airlines, and destination service providers.
• Emerging Travel Group (ETG)coreStrategic or Co-development Partner · 22 January 2026Direct API integration granting ETG access to HBX Group's complete inventory of private and shared airport transfer services across hundreds of international destinations.
• MastercardmajorChannel Partner/ Reseller/ Distributor · 1 December 2025Global 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

Direct 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

• Xx.com/hbxgroup_
• Facebookfacebook.com/hbxgroup

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HBX Group