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The Global Business Travel Association has agreed to purchase for $35,000 some intellectual property of the defunct Association of Corporate Travel Executives, according to a filing in the Delaware bankruptcy court overseeing the dispersal of ACTE assets.
A GBTA spokesperson confirmed to BTN the association's "intent to acquire the Association of Corporate Travel Executives," pending approval of the bankruptcy court, with a decision expected next month.
The assets listed in the court filing include the ACTE name as well as any of the defunct organization's brand and domain names, "trade secrets, know-how and software," according to the court filing, but exclude customer lists or information. A bankruptcy court judge must approve the transaction for it to be finalized.
"The GBTA board has been diligently working for the past three months to unify and lead our industry out of Covid-19 and back to prosperity," GBTA president Bhart Sarin said in a statement. "Bringing ACTE together with GBTA will create a single and leading voice for the education, research, advocacy and business activation needs of corporate travel, as we return to safe travel."
ACTE ceased operations and filed for Chapter 7 bankruptcy in July, citing the ruinous effects of the Covid-19 pandemic as well as the cancellation of an August 2019 global conference. The association was formed in 1988.
"I have a huge amount of respect for ACTE," GBTA interim executive director Dave Hilfman said in a statement. "With 32 years of knowledge and intellectual property, this combination will add tremendous value to our members and, as GBTA continues to support the industry towards reopening business travel, this was a great opportunity to reach out a hand to the ACTE community and welcome them to GBTA."
Update, Oct. 28: This report and its headline have been updated to include GBTA's comments.
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