Corporate travel strategy to be accelerated through acquisition.
Webjet Group has purchased business travel management platform Locomote in a bid to boost its corporate bookings growth strategy.
The Melbourne-based acquiree offers a fully developed end-to-end corporate booking platform, and will help Webjet fulfil previously stated ambitions to address demand for more seamless digital solutions for its customers.
Webjet Group will buy 100% of Locomote for an upfront cash payment of $17 million, plus an extra $6 million deferred earnout payable in three years.
“Webjet currently services business travellers in an unstructured capacity, and this acquisition will allow us to serve customers in a more structured way,” said Webjet’s CEO and MD Katrina Barry.
The company also confirmed plans to undertake an on-market share buyback program of up to $25 million.
More details in today’s issue of Travel Daily.