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CWT announces its 2023 product investment focus and issues $90m of equity to help scale strategic value-enhancing opportunities

February 08, 2023

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CWT today announces its 2023 product investment focus and a capital raise that will help to accelerate growth, expand its competitive advantage, and broaden value for its customers. 

“CWT remains extremely well-placed to deliver innovative products and services that address the evolving needs of our clients and their travelers,” said Patrick Andersen, CWT President and Chief Executive Officer. “In addition to driving change for the benefit of all of our customers, suppliers, and partners, we actively prioritize development efforts to deliver the ultimate experience, as we unlock the power of human connection through business travel and meetings.”

Investment in strategic value-enhancing opportunities

CWT recently issued $90m of equity in a private fundraising amongst its shareholders, the net proceeds of which are designed to increase the company’s flexibility to underpin strategic opportunities that will help to accelerate growth, expand its competitive advantage, and broaden value for its customers.

Investment to help underpin user-experience, data & reporting, sustainability and myCWT platform enhancements

This year, CWT will continue expanding the features and functionality of its myCWT platform and increase automation to create an even better user experience. Platform investments will concentrate on enhancements that simplify and provide a more tailored experience for travelers and travel arrangers and harness the value of data through insight solutions for travel managers.

Investments will also be channelled towards customer business priorities like sustainability, traveler well-being, and inclusivity, enabling a more values-based approach to travel program management. Related capabilities introduced in 2022 include real-time carbon footprint indicators, non-binary profile fields, on-trip connectivity, and traveler tracking systems.

Streamlining interactions in the myCWT messaging channel through further application of smart technologies like chat bots and artificial intelligence (AI) for seamless connection of self-service and human connection remains key, along with delivering new savings opportunities via price optimization and broadening access to global new distribution capability (NDC) content.

CWT is a global business travel and meetings specialist, with whom companies and governments partner to keep their people connected, in traditional business locations and some of the most remote and inaccessible parts of the globe. A private company – owned through funds managed by a group of leading global financial institutions including Barings, MacKay Shields, and Monarch Alternative Capital - CWT provides its customers’ employees with innovative technology and an efficient, safe and sustainable travel experience.


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