Australia-based virtual payments automation specialist Troovo has been acquired by Spain's Voxel Group, which plans to integrate Troovo's technology into its baVel Pay B2B travel payments platform. Financial terms of the deal were not disclosed.
Named BTN's 2018 Innovator of the Year, Troovo specializes in using robotic process automation to make generating and using virtual payment cards more efficient and less expensive by removing human involvement from the process. As virtual payments in recent years have gained ground in the travel industry, the company has racked up partnerships with Flight Centre Travel Group, Amadeus and Serko, among others.
Voxel will continue to support Troovo's existing partners and also will leverage Troovo's capabilities in the context of its own baVel Pay platform, a B2B payments channel specific to the travel industry and designed to streamline the process of making payments to such suppliers as hotels and tour operators. Users of baVel Pay now will be able to choose to pay suppliers with virtual cards generated via Troovo's technology among other options, including manually generated v-cards and bank transfers.
Voxel will maintain Troovo's offices in Sydney and Melbourne, from which it will aim to expand its business in the Asia-Pacific region, the company said.
Earlier this year, Troovo co-founder and CEO Kurt Knackstedt left the company to take on the role of chief growth officer for corporate lodging platform HRS's Payment Solutions unit.