Australia-based travel management company Corporate Travel Management has acquired 1000 Mile Travel Group, a travel agency that focuses on small- and midsized business travel management via an independent-consultant setup, CTM announced Friday.
CTM, which is publicly traded in Australia, in a financial filing indicated it issued 106,366 shares to 1000 Mile owner Zazi Investment Trust " as part consideration for the acquisition of 1000 Mile Travel Group." At current exchange rates and share price, that values the acquisition at about US$1.38 million.
1000 Mile predominately does business in Australia and the United Kingdom, according to CTM, through a "network of independent travel experts specializing in SME business travel services."
CTM founder and managing director Jamie Pherous in a statement said 1000 Mile for nearly a year had offered the TMC's Lightning online booking tool, beginning a relationship where both parties saw synergies.
"1000 Mile Travel Group is a highly successful business that has crafted a unique value proposition for those agents wanting to not only manage their own SME portfolio from home, but also grow that portfolio and provide services demanded by corporate clients," according to Pherous. "We believe this acquisition will complement CTM’s strategic corporate travel offering while delivering significant benefits to 1000 Mile Travel’s network of independent agents and their customers."
Pherous in the statement indicated that CTM planned to bring the 1000 Mile independent-consultant model to North America and the United Kingdom. "That model has never been more in demand than it is in the post-pandemic environment," 1000 Mile Travel founder and managing director Ben Ross said in a statement.
CTM has been acquisitive in recent years, buying travel management companies including Travel and Transport and the corporate business of Helloworld.