Australia-based Corporate Travel Management by the end of the year plans to launch its full suite of client-facing technologies in the U.S., including its online booking system, managing director Jamie Pherous said during the travel management company's fiscal-year earnings call Wednesday.
Corporate Travel Management made its last U.S. acquisition more than a year ago when it picked up Boston-area travel management company Travizon. That was on the heels of its purchase of California-based Montrose Travel. While the Australian company is busy integrating those U.S. buys, CTM's appetite for acquisitions in North America and other markets is hardly sated, CTM managing director Jamie Pherous said this week.
In a "typical" year, Radius Travel adds between four and six members to its multinational network of travel management companies and sees three to five agencies depart, said Radius Travel CEO Shannon Hyland. This, it would seem, is not a typical year.
Australia-based Corporate Travel Management acquired 60-year-old California-based agency Montrose Travel for a "base consideration" of $34.3 million, the companies announced Friday.
After a slow first half of its fiscal year in the United States, Australia-based travel management company Corporate Travel Management got a boost from its Montrose Travel acquisition, client wins and a stabilization after spending declines from energy clients.
Australia-based Corporate Travel Management announced plans to acquire U.K.-based Redfern Travel and Tasmania-based Andrew Jones Travel. In conjunction, the publicly traded travel management company issued a new share purchase option to eligible shareholders to raise A$71 million to fund the deals.
Australia-based Corporate Travel Management in the past four years has bought six U.S.-based travel agencies. CTM founder and managing director Jamie Pherous assured The Beat that the travel management company isn't done acquiring, but it has been busy integrating.
Corporate Travel Management announced a deal to acquire Massachusetts-based travel management company Travizon Travel for a base consideration of $21 million.
The MasterCard Business Network travel, expense and procurement website for small and midsize companies, announced this week, was designed to provide not only pricing discounts, but also access to affordable, easy-to-deploy technology that customers said they wanted, according to MasterCard Worldwide global SME vice president Eugene DeSilva.