Flight Centre Travel Group (FCTG) has officially entered Silicon Valley by completing the acquisition of United States corporate travel business Casto Travel Inc (CTI).
As announced late last year, Flight Centre Travel Group has acquired the Silicon Valley-based business’ US operations in order to strengthen its growing US business and enhance its overall corporate footprint.
Along with the group’s move to the ‘cradle of innovation’, FCTG has taken control of CTI’s offices in San Jose, San Francisco and Tiburon.
Managing Director Graham Turner said the Casto acquisition represented a small but strategically important addition to the company.
“Casto strengthens our overall US operation, which includes the highly successful and rapidly growing corporate travel business, along with our on and offline leisure businesses and wholesaler GOGO.”
Graham Turner, FCTG Managing Director
“This will give us greater scale in Silicon Valley and in the large West Coast market, where we previously had a relatively small corporate travel presence, while also complementing our larger operations on the East Coast and in other key locations,” he added.
“Our corporate travel presence now extends to more than 20 US cities and there are significant future opportunities, given our strong growth trajectory and the size of the market, which is estimated to be worth more than $US300billion per year.”
CTI’s three offices are currently believed to generats about US$120million in total transaction value annually.
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