CTM ANNOUNCES FURTHER US EXPANSION

Written on the 17 April 2013

CTM ANNOUNCES FURTHER US EXPANSION

AUSTRALIAN company, Corporate Travel Management (CTM) has this week announced the acquisition of TravelCorp, positioning itself en route for further US expansion.

The acquisition of TravelCorp, a Texas and Louisiana-based company specialising in corporate travel, will be effective May 1 this year.

From this date, TravelCorp’s corporate divisions will change their name to TravelCorp CTM.

CTM founder and managing director Jamie Pherous (pictured) says both TravelCorp’s internal operations and location were major drawcards for the company.

“TravelCorp possesses all of the qualities we look for – a great service reputation, a dedicated team and great management.

“They are also a leader within their region, and when it comes to our geographic strategy – Texas and Louisiana are both high growth regions.”

Pherous says the resource industry in these areas were also a selling point, considering CTM’s expertise in the mining, oil and gas sectors.

CTM anticipates that adding TravelCorp to its existing USA business will spur significant growth, and says it is a “strong strategic fit” for longer term growth plans in North America, Asia and Europe.

“With TravelCorp on board, our North American total transaction value (TTV) for FY14 is expected to approach USD$350m, which will allow us to become a key player in the market,” Pherous says.

This forecast is significantly higher than CTM’s TTV from December 31 last year, which stood at approximately USD$120m.

Management of both TravelCorp and CTM are currently working through transition plans to maximise the combined opportunities on offer.


Latest News

AVEO GROUP TO BUY BACK SHARES FOLLOWING MEDIA INVESTIGATION

FOLLOWING last night's Four Corners report which revealed accusations against Aveo Group (ASX: AOG) of financi...

STRUGGLING TEN NETWORK IS 'CASH POSITIVE' AND CAN BE SAVED, ADMINISTRATOR SAYS

THE ADMINISTRATORS of the Ten Network say the struggling broadcaster has cash to continue operating and have also ind...

CROWN EMPLOYEES CONVICTED, JASON O'CONNOR TO SPEND 10 MONTHS IN JAIL

CROWN Resorts (ASX: CWN) employees who were arrested in October last year on suspicion of gambling offences have b...

QUICK TURNAROUND FOR $20 MILLION OFFICE IN MELBOURNE OUTER-EAST

AN office building in Melbourne's outer eastern suburb of Mount Waverley has sold for $20.5 million just two year...

Related News

STRUGGLING TEN NETWORK IS 'CASH POSITIVE' AND CAN BE SAVED, ADMINISTRATOR SAYS

THE ADMINISTRATORS of the Ten Network say the struggling broadcaster has cash to continue operating and have also ind...

METCASH NET PROFIT FALLS 20 PER CENT, ANNOUNCES CEO WILL STEP DOWN IN 2018

FOOD and grocery giant Metcash has announced its full year net profit has fallen more than 20 per cent and its CEO Ia...

SHARE PRICE PLUNGE FOR RETIREMENT VILLAGE OPERATOR AHEAD OF FOUR CORNERS INVESTIGATION

A RETIREMENT village operator which has been accused of charging excessive fees through complex contracts has respond...

CHINESE TECH FIRM LOOKS TO AUSTRALIA FOR 'CUTTING EDGE' IDEAS

CHINESE ed-tech company Retech Technologies (ASX: RTE) has listed on the ASX after raising $17.9 million from its IPO...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter