Corporate Travel Management (CTM) has entered into an agreement to acquire Texas-based Corporate Travel Planners Inc (CTP).
CTP specialises in corporate travel services, with a focus on the university and education sector.
The acquisition is expected to increase CTM’s annualised total transaction value for the North American segment to more than $2.2 billion.
Jamie Pherous, managing director of CTM, said CTP will complement the company’s “organic expansion strategy”.
“We believe that, combined, we will forge a strong service proposition to the university and education sector that will contribute strongly to the company’s future growth in North America,” he said.
Similar to CTM’s experience in the government sector, the company said travel activity in the university sector “tends to be resilient in economic downturns”.