Corporate Travel Management (CTM) on Monday announced that it had agreed to a $200.4 million deal to acquire Travel and Transport (T&T), a deal that creates one of the biggest mid-market corporate travel companies in the world, with a combined CY19 global TTV of $7.6 billion.
T&T will now be rebranded under the CTM umbrella and the combined company will operate with a new leadership deal that will have T&T’s Kevin O’Malley as CEO of North America, Maureen Brady as COO, alongside Josh Weiss as CFO and Tim Fleming as president and integration lead.
According to the announcement, “Integration is underway and will happen quickly due to the current reduced customer activity, allowing the combined business to emerge from COVID-19 in a strong competitive position.”
“We are excited to bring our two companies together under the CTM umbrella. Travel and Transport has an incredible reputation and a long history of success within the global travel industry, and we have shared views about delivering personalized service and proprietary technology to generate strong returns for clients on their travel investments,” CTM Founder and Managing Director Jamie Pherous said in a statement.
The acquisition will give CTM optimal scale in North America to create revenue synergies and new client benefits by leveraging increased buying power and the best of our technology, analytics and customer insights across the wider business. We very much look forward to working as a combined team to ensure our customers and employees receive the best benefits and greatest opportunities,” Brady said.
T&T CEO Kevin O’Malley said, “Travel and Transport has been in business for 74 years, growing from a one-person operation in Omaha, Nebraska, to one of the largest corporate TMCs in the U.S.
“We are excited about the opportunities for our people and our clients by becoming part of a growing, world-class TMC. We were very impressed with CTM’s technology, in particular the Lightning online booking tool, and CTM’s strength in the Asia pacific region. CTM will be a great place for our employees to call home.”