Corporate Travel Management (CTM) has expanded its global presence with the acquisition of Redfern Travel.
The deal will make CTM one of the top seven TMCs in the UK. It has also announced the acquisition of Australian-based Andrew Jones Travel.
CTM managing director Jamie Pherous said the Redfern Travel transaction would allow CTM to build and leverage scale, and is expected to take its consolidated European Total Transactional Value (TTV) to £500-550 million in the next financial year.
Mr. Pherous said, “Redfern Travel’s key competitive advantage is its proprietary, automated end-to-end system, which processes more than 95 per cent of all transactions online, creating highly scalable operation”.
“After working with their management team through this process it became very clear that Redfern are a complementary business to CTM in the region…and together we will create new opportunities to grow in the UK and European markets,” he continued.
Redfern Travel CEO Mark Bowers said the partnership was a natural fit, as CTM’s focus on innovation aligned with Redfern’s strategic vision, and would help to accelerate the development of its technology.
“We have had many suitors for Redfern over the years, so it is refreshing to be working with a like-minded company who value innovation and customer service as much as we do,” Mr. Bowers said.
The Redfern deal follows from the acquisition by CTM of Chambers Travel Management last year. It also follows a trend of consolidation in the industry with the recent Portman-Clarity deal.