CarTrawler Acquires Koala to Expand Travel Insurance Offerings

Irish technology firm CarTrawler has acquired Paris-based Koala, a company specializing in travel insurance technology and traditional insurance products. This acquisition allows CarTrawler to strategically enter the insurtech travel segment, further enhancing its multi-product ancillary platform.

Founded in Dublin, CarTrawler provides platforms for car rental and various mobility options to the global travel industry. With the addition of Koala, which partners with over 70 companies across 17 countries, CarTrawler broadens its service offerings to include comprehensive travel insurance solutions.

Peter O’Donovan, Chief Executive of CarTrawler, emphasized the significance of this acquisition, stating that it is a “further step toward fulfilling our ambition of becoming the leading multi-product ancillary platform for the global travel industry.” The integration of Koala’s technology is expected to enhance CarTrawler’s existing services, allowing for greater flexibility and options for customers.

Financial Performance and Market Impact

CarTrawler’s technology, known as the Connect Platform, is utilized by major airlines, online travel agents, hotels, and travel service providers globally, including United Airlines, Air France KLM, Uber, and American Express. The company reported a revenue of €172 million for the 2023 financial year, reflecting a robust performance in the travel sector.

In addition, CarTrawler noted that its earnings before interest, taxes, depreciation, and amortization (EBITDA) have increased by over 20% in the nine months leading up to June 2023. This growth is attributed to “an acceleration in business momentum, a stable car rental pricing environment, and a healthy new partnership pipeline.”

The acquisition of Koala positions CarTrawler to better serve the evolving needs of the travel industry, particularly as demand for flexible insurance solutions continues to rise. With its strong financial foundation and innovative technology, CarTrawler aims to redefine the travel experience for consumers around the world.

As the company moves forward, the integration of Koala’s offerings is expected to create new opportunities within the travel insurance market, ultimately enhancing customer choices and satisfaction.