Australian travel management company and GlobalStar member Corporate Travel Management agreed to acquire Melbourne-based ETM Group for AUD8.5 million in cash

with an additional, potential performance-based earn-out of AUD4.1 million. The acquisition is effective 1 October 2011. According to CTM, ETM Group was formed in 2001 as a "boutique-style" corporate TMC, has an annual sales turnover of AUD70 million, "will add significant depth to CTM's corporate-specific services" and will boost CTM's meetings, incentives, conferences and events services. According to a statement by ETM director David Hummerston, the two companies use "exactly the same software platforms," which should ease the transition.