Brisbane-based Corporate Travel Management (CTM) will become one of the ten largest travel management companies in the US just four years after entering the North American market following its purchase of Travizon Travel.
Targeted to take effect from 1 July 2016, the acquisition will see the Australian travel provider pay US$21 million (AU$28 million) for the 40-year-old, Boston-based business and follows the purchase of Californian-based Montrose Travel in December.
CTM managing director Jamie Pherous said the transaction is projected to take North American earnings “well above US$1 billion (AU$1.3 billion)” in the next financial year.
“We will now operate in over 20 cities across the USA; this strategic acquisition will build upon our existing presence on the East Coast,” he said.
“The global reach and network we have established benefits us not only in North America, but in other international markets, with multi-national clients seeking to partner with travel providers that have the mix of technology, scale and local expertise we can offer.”
Just two weeks ago, CTM teamed up with Coles’ Flybuys to launch a new online travel booking site.
Last month, rival group Flight Centre boosted its presence in the corporate market by purchasing Netherlands-based travel agency Business Travel Development.
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