Corporate Travel Management (CTM) has announced its acquisition of Platinum Travel Corporation (PTC).
That’s right, folks, another acquisition.
There must be something in the air today making travel companies shack up. Must be cold change.
The acquisition includes PTC Queensland and New South Wales and PTC’s corporate and events businesses (QLD and NSW only).
According to a release on ASX, CTM provided the following reasons for the acquisition:
Cultural alignment: A renowned Australian boutique agency that has an excellent reputation for customer service and a culture very similar to CTM.
Complimentary to CTM’s Corporate SME and Events expansion strategy for FY19: A key initiative of the ANZ CTM FY19 business plan will be expanding the SME corporate and events segment, and the SCT team are well placed to enhance the support and success of both initiatives
Opportunity to build upon our expanding global executive team: This acquisition brings the opportunity to adopt a founder of SCT, industry veteran Greg McCarthy. According to CTM, McCarthy has an impeccable reputation in the travel industry and possesses leadership skills highly valued by the corporate travel company.
Greg will be appointed CEO of ANZ, based in our Sydney office, reporting into Laura Ruffles.
The acquisition will be effective starting July 1, 2018, and will not contribute to FY18 results.