Global Business Travel (GBT)

What Global Business Travel (GBT) does

Global Business Travel (GBT), operating under the legal entity Global Business Travel Group and listed on the NYSE under the ticker GBTG, is a publicly traded corporate travel management company that serves large enterprise corporations with integrated booking, expense tracking, and travel-policy compliance services. The company's core offering is a single digital ecosystem platform that consolidates multiple corporate travel functions — booking, management, expense, and meetings — into one unified system, positioned against fragmented point solutions in the corporate travel stack. Its primary customer segment is enterprise corporations with comprehensive business travel management needs, and it reaches these customers through a direct enterprise sales motion.

The business model is anchored on enterprise-scale travel management volume, with the company reporting $2.72 billion in revenue, 13% revenue growth, and net margins of 2.93%. Revenue mechanics are not explicitly disclosed in the available sources, but enterprise corporate travel management is historically a transaction- and service-fee-driven model supplemented by supplier-negotiated economics, consistent with the scale and margin profile reported. Institutional investors hold 82.5% of shares, and Anchorage Capital Advisors established a $58.1 million position in Q3 2025, making GBTG the fund's largest holding.

In 2025, GBTG closed the acquisition of CWT as a wholly owned subsidiary, explicitly to expand its European footprint and broaden its service capabilities. Leadership includes CFO Karen Williams, who executed a 161,000-share sale valued at $1,221,990 on December 11, 2025. Note: the input data lists 1–10 employees, which is inconsistent with the $2.72 billion revenue scale and is most likely a data entry artifact; the operating-scale description above reflects the revenue, public-listing, and M&A evidence rather than that headcount figure.

Name

Global Business Travel (GBT)

Website

https://globalbusinesstravel.co

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

Global Business Travel (GBTG, NYSE) is a publicly traded corporate travel management company that operates an integrated digital ecosystem platform for booking, expense, and travel-policy compliance, serving large enterprise corporations worldwide.

Ownership category

akta.pro rank

Product category

Corporate Travel Management

NAICS

Travel Agencies (56151), Travel Arrangement and Reservation Services (5615)

SIC

Transportation Services (4700)

akta.pro primary industry

Online/Hybrid Corporate Travel Agencies (Self-Booking + Support) (THAKACAB)

akta.pro secondary industries

Enterprise OBTs (Complex Policy, Multi-Entity, Global) (THACABAC), Corporate Travel & Expense Booking Platforms (BPAMAIAI), Corporate Travel Booking Platforms (Online Booking Tools/SME) (THALAFAI), Payment Solutions for Corporate Travel (Virtual Cards, Lodge Cards, Central Billing) (THAKAMAN)

Keywords

• Corporate travel management
• Business travel services
• Travel expense management
• Meetings management software
• Corporate travel platform

GTM type

B2B

Offering type

Software

Cost components

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

Distribution channels1 record

Core offering

Global Business Travel provides corporate travel, expense, and meetings management software and services for business clients. The core offering is an integrated digital ecosystem platform that consolidates fragmented corporate travel functions, including booking, expense tracking, and travel policy compliance, into a single unified system for enterprise corporations.

Product overview

Global Business Travel operates a unified corporate travel platform that integrates various corporate travel services within a single digital ecosystem. The company's platform consolidates booking, management, and travel services for business travelers. GBT's recent acquisition of CWT expanded its European footprint.

Differentiator

Problem solved

Functional benefit

Products and services

• GBT Corporate Travel Management Platform An integrated corporate travel management platform consolidating booking, expense tracking, and meetings management into a single digital ecosystem for enterprise corporations and their business travelers.
• CWT Corporate Travel Services Corporate travel services delivered under the acquired CWT brand, expanding GBT's European footprint and providing corporate travel management to multinational clients in the region.

Quantifiable outcome

• Outperforms peers with 13% revenue growth and 2.93% net margins (vs Good Times Restaurants 1.32%)

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• CWTflagshipStrategic or Co-development PartnerGBTG closed its acquisition of CWT to expand its European footprint, representing a major strategic expansion of service capabilities and market presence in Europe.

Scale indicators5 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Corporate Travel Management (CTM): CTM is an Australian-listed global TMC providing corporate travel, meetings, and events services to enterprise clients. Comparable in scale, enterprise focus, and post-acquisition growth strategy driven by international roll-ups.
• Egencia (Expedia Group): Egencia is Expedia Group's corporate travel platform serving mid-market and enterprise businesses with online booking tools. Direct competitor in the digital-first corporate travel segment with similar SaaS-like distribution model.
• FCM Travel: FCM is the corporate travel division of Flight Centre Travel Group, operating a global TMC platform aimed at multinational enterprise accounts. Closely matches GBTG in target customer, online/offline hybrid service model, and global footprint.
• BCD Travel: BCD Travel is one of the largest global corporate travel management companies, serving enterprise clients with booking, expense, and meetings services. Directly comparable to GBTG in customer segment, product scope, and global operating model.
• CWT (now part of GBTG): CWT was one of the largest global TMCs before its 2025 acquisition by GBTG. Listed as a peer given its historical role as a direct competitor serving Fortune-class enterprise accounts with booking, meetings, and expense services.

Emerging players

• TravelPerk: TravelPerk is a Barcelona-based corporate travel platform serving SMB and mid-market accounts with a consumer-grade online booking experience. Comparable in online booking platform model, though its segment focus skews smaller than GBTG's enterprise base.
• Spotnana: Spotnana is a cloud-native corporate travel platform built on a modern travel-as-a-service architecture, competing for large enterprise RFPs. Directly comparable in the enterprise online booking tool category but with a younger technology stack.
• Navan (formerly TripActions): Navan is a fast-growing corporate travel and expense platform targeting enterprise and mid-market accounts with a modern UX and AI-driven booking experience. Emerging competitor pursuing the same RFP pool as GBTG with a tech-native approach.

Broad incumbents

• SAP Concur: SAP Concur is the incumbent leader in corporate travel and expense management software, with broad enterprise adoption and deep ERP integration. Overlaps with GBTG across expense, booking, and policy compliance but is part of SAP's broader software portfolio.
• Booking Holdings: Booking Holdings operates multiple B2C and B2B travel platforms including Booking.com and the corporate-focused Booking.com for Business. Broad incumbent with overlapping supplier relationships and technology infrastructure relevant to GBTG.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/global-business-travel-gbt-

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Global Business Travel (GBT)