Tek Travels parent TBO Tek Limited confirmed its acquisition of a 51% shareholding in BookaBed on Monday afternoon (4 April).

TBO said the deal for the bed bank would allow it to scale up its services and offerings.

Bookabed, meanwhile, said it hoped to build market share in the UK and Ireland by taking advantage TBO’s global API business, and its TBO Academy, which provides training and education for agents and other trade partners.

Gaurav Bhatnagar, co-founder and joint managing director of TBO, said: "BookaBed allows TBO’s entry into the Irish market and strengthens our UK presence. Both TBO and BookaBed have a significant opportunity to leverage each other’s strengths and further expand our presence in current and future markets."

Bhatnagar added there was crossover between the two firm’s business models and long-term visions.

BookaBed chief executive Karl Tyrrell said there would be no change to the way in which the business is run in the UK and Ireland.

"As the world returns to travel, BookaBed looks forward to leveraging TBO’s technology and content. This combined with BookaBed’s deep distribution reach and market position in Ireland and the UK creates an even more compelling value for BookaBed customer partners.

"We will continue to service our customers as we currently do and promote and operate the BookaBed brand that is so well known in these markets. There will be no change to our management, sales or support teams."