By Bev Fearis, published 30/09/20
Brisbane-based Corporate Travel Management (CTM) is to acquire Travel and Transport (T&T) for just over US$200 million.
T&T, headquartered in Omaha, Nebraska, will boost CTM’s operations in the US, as well as the UK, Germany and France.
The deal includes the Radius Travel business, which was acquired by T&T, one of its founding members, two years ago.
Radius, a global network of TMCs in more than 100 countries, has a hotel programme offering highly competitive corporate rates across 44,000 hotels in 160 countries.
CTM said the acquisition will enhance its own global hotel offering, pushing it forward by three years.
It is believed CTM first approached T&T seven years ago but advances were not welcomed until earlier this year when the pandemic hit.
T&T will be rebranded to CTM and some of its management team will join CTM. Kevin O’Malley becomes CEO North America, Maureen Brady COO, Josh Weiss CFO and Tim Fleming President and Integration lead.
Integration is underway and the groups said this would happen quickly due to reduced customer activity in the pandemic.
CTM founder and Managing Director, Jamie Pherous, said: “We are excited to bring our two companies together under the CTM umbrella. Travel and Transport has an incredible reputation and a long history of success within the global travel industry, and we have shared views about delivering personalised service and proprietary technology to generate strong returns for clients on their travel investments.”
Maureen Brady said: “The acquisition will give CTM optimal scale in North America to create revenue synergies and new client benefits by leveraging increased buying power and the best of our technology, analytics and customer insights across the wider business. We very much look forward to working as a combined team to ensure our customers and employees receive the best benefits and greatest opportunities.”
Kevin O’Malley added: “We were very impressed with CTM’s technology, in particular the Lightning online booking tool, and CTM’s strength in the Asia pacific region. CTM will be a great place for our employees to call home.”