US: Leasing and resident loyalty platform Bilt has acquired Sion, a commission-based management platform used by more than 8,000 travel advisors, for $30 million.
Residential partners of Bilt span more than six million homes across the United States. Bilt Members can earn rewards on rent payments, access neighbourhood services, build a path to homeownership, and redeem points across travel and lifestyle including airlines, hotels, boutique fitness studios, restaurants, and more.
By acquiring Sion, Bilt gains the technology and team to further extend its hospitality platform. Sion will continue to operate independently following the acquisition.
Sion manages more than $7 billion in travel booking revenue, and travel advisors will be able to leverage Bilt’s platform to manage workflows and grow business. Together, Bilt and Sion will develop new tools for managing bookings and payments, including commission reconciliation, tracking, and invoice follow-up automation.
“This is a meaningful milestone for Sion and an even more meaningful step forward for our customers,” said Alfons Musry, co-founder of Sion. “By joining Bilt, our combined resources and long-term backing can accelerate and actually deliver the product improvements our customers have been asking for. Our customers rely on Sion daily, and that won’t change. What changes is what we’re now able to build.”
Irving Betesh, co-founder of Sion, added: “Travel businesses don’t need another intermediary trying to compete with them. They need modern infrastructure and software that solves real operational problems. Sion has built a best-in-class experience around one of the biggest pain points in travel, commissions. We’re excited to join the Bilt team, allowing us to further accelerate what we can deliver for travel businesses and advisors serving travellers around the world.”
Ankur Jain, founder and CEO of Bilt, said: “Where you live is where your life is centred, and our job at Bilt is to make that membership as powerful as possible, from your neighbourhood to wherever you want to travel.
“Bilt’s hospitality platform already helps properties and merchants deliver their best customer experience, and with Sion, we’re extending that to travel advisors. By giving travel advisors the tools to run their entire business more effectively, we’re building a network of the world’s best travel advisors, and our members benefit from that. This is what building a membership truly centred around where you live looks like,” he added.
The acquisition marks Bilt’s second in 11 months.
Highlights:
- Bilt acquires travel advisor platform Sion for $30 million to expand its hospitality and travel technology ecosystem.
- Bilt’s platform serves six million homes in the US, allowing renters to earn rewards on rent payments.
- Sion powers operations for over 8,000 travel advisors and manages more than $7 billion in travel booking revenue.
- The companies will build new travel booking, commission management, and payment automation tools for advisors.
