Travel Tech M&A Ramps Up: 40+ Deals in 3 Months

Economic uncertainty leads to lower valuations, and that means it can be a good time to buy for companies that have the means.

Analysts were right: 2025 is shaping up to be a busy year for travel tech M&A. In the past three months alone, Skift has tracked more than 40 deals — many driven by companies flush with recent funding or looking to consolidate in a changing market.

Skift has tracked more than 40 travel tech deals in the past three months alone. Much of the activity comes from tech companies with fresh funding from the past couple of years, which they secured in part to grow via M&A. Many large companies and investment firms are scooping up travel tech companies as well.

Multiple late-stage startups — established businesses with a proven track record — raised big amounts last year as they seek to modernize the travel industry.

But for younger startups, funding has been tight: So far this year, Skift has tracked fewer than 60 startup funding rounds, and only two were over $100 million. That's pacing much lower than last year when we tracked more than 200 fundings, with more than a dozen over $100 million.

As investors have told Skift, economic uncertainty leads to lower valuations, and that means it can be a good time to buy for companies that have the means. Between startups running out of money and independent owners looking for an exit, there should still be plenty of opportunity.

Below are details about more than 40 M&A deals involving travel tech from the past three months. The selling price for most of the deals was undisclosed. That often — but not always — means the deals were small.

Private equity firm Thoma Bravo in April said it plans to purchase Boeing’s aviation software business in an all-cash transaction of $10.55 billion, expected to close by the end of the year.

The deal includes the software for airline operations, flight planning, and lease management: Jeppesen, ForeFlight, AerData, and OzRunways assets. Boeing is keeping a piece of fleet management software.

The software business employs 3,900 people, including those who will remain with Boeing and those who work for the assets being sold.

Amadeus, the distribution tech company, has made two acquisitions so far this year.

The Madrid-based company acquired ForwardKeys, a travel data analytics firm, in the first quarter of the year. Amadeus pa