WEBJET Group has purchased business travel management platform Locomote to accelerate its corporate bookings growth strategy (TD breaking news).
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.
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.
The digital travel business also confirmed plans to undertake an on-market share buyback program of up to $25 million.
“With its secure purpose-built technology, [Locomote] positions us to swiftly provide a distinct business travel offering, avoiding any lengthy development phase and at a lower overall cost,” CEO and MD Katrina Barry said.
