Sunday, August 14, 2022
HomeBlogCTM Acquires SME-Focused Corp. Travel Agency

CTM Acquires SME-Focused Corp. Travel Agency

Australia-based travel management company Corporate Travel Management has acquired 1000 Miles Travel Group, a travel agency focused on small business travel management through an independent consultant setup, CTM announced Friday.

Australia’s publicly traded CTM said in its financial filings that it had issued 106,366 shares to 1000 Miles owner Zazi Investment Trust “in part in exchange for the acquisition of 1000 Mile Travel Group”. At the current exchange rate and stock price, it is valued at about 1.38 million dollars.

According to CTM, 1000 Miles does business primarily in Australia and the UK through “a network of independent travel professionals specializing in small business travel services”.

CTM founder and managing director Jamie Pherous said in a statement that for nearly a year, 1000 Miles started a synergistic relationship between the two parties by providing TMC’s Lightning online booking tool.

According to Pherous, “1000 Mile Travel Group is a very successful business that not only manages their SME portfolio from home, but also grows that portfolio and creates a unique value proposition for agents looking to provide the services their corporate clients demand.” “We believe this acquisition will complement CTM’s strategic corporate travel offerings while providing significant benefits to 1000 Mile Travel’s network of independent agents and customers.”

In a statement, Pherous said CTM plans to introduce 1000-mile independent consultant models in North America and the UK. “This model has never been the most in demand in the post-pandemic environment,” said Ben Ross, founder and managing director of 1000 Mile Travel in a statement.

CTM acquired in recent years travel management companies including Travel & Transport and corporate businesses of Helloworld.

Source

RELATED ARTICLES

Most Popular

Recent Comments