BRISBANE TRAVEL COMPANY ACQUIRES COMPETITOR
28 October 2010,
PRIVATE Brisbane company Corporate Travel Management (CTM) has announced the acquisition of its Sydney-based competitor Travelcorp Holdings for an undisclosed sum.
Travelcorp has 52 staff and recorded revenue of $65 million in FY2010 and is considered a bullish move by CTM.
CTM chief executive Jamie Pherous (pictured), says the deal will add significant value to clients.
“Travelcorp represents an excellent cultural fit. We both have a reputation for employing great people and delivering a highly personalised service to our clients,” says Pherous.
“The fact that we both utilise exactly the same software, customer facing technology and systems means minimal change to our clients and staff. If anything, CTM’s sophisticated support services will enable our staff to deliver greater value to our clients.
“During the past decade CTM has grown both organically and through acquisition, allowing us to expand our client offering and increase our market share, delivering value back to our clients in Australia and New Zealand.”
Pherous told Brisbane Business News that he plans to build CTM into a $1 billion company in the next five years, after quitting an accounting job and buying its loss-making predecessor in the early 90’s.
“A lot of people in the travel industry and friends thought I was mad, but I’m a great believer that if you stick to a discipline or niche and it’s something you believe in, if you have an unwavering commitment and work ethic to get there, you normally do,” he says.
The acquisition will come into effect on January 3.
For more of Pherous’ story get your copy of the Brisbane Business News October edition, available in more than 500 greater Brisbane newsagents.