Two Cents from the Company Dime 2-2020

CTM buys Corporate Travel Planners. IRS shaves mileage reimbursement. Troovo patents automated virtual payment process. Coupa acquires Yapta.
CTM Agrees To Buy Texas TMC Corporate Travel Planners
Australia-based Corporate Travel Management on Dec. 24 announced its intent to acquire Corporate Travel Planners, a Texas-based travel management company focused on higher education. “Similar to our experience in the government sector, the university sector travel activity tends to be resilient in economic downturns,” according to CTM.

CTM agreed to pay $18 million plus another $18 million contingent on achieving profit targets. CTP principal Christy Prescott will stay on.

According to its website, CTP is a Travel Leaders Group affiliate serving more than 50 universities. It is a preferred partner of SAP Concur and also supports users of the Sabre GetThere online self-booking tool. For meetings management, CTP partners with Cvent and Groupize. It provides reporting through Cornerstone iBank.

While it may offer some reliability, travel management at universities can be challenging. Tenured professors often don't follow policy, and enforcement is scarce. Students and athletic teams have unique needs, and tapping into research grants and using state funds can be tricky.

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Categories: Special ReportTwo Cents

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