Webjet Group is bolstering its business offering with the acquisition of corporate travel management company Locomote, which will be rebranded as Webjet Business Travel.
The group has agreed to buy 100 per cent of Locomote’s shares for $17 million cash, with a further $6 million deferred payout subject to EBITDA targets.
Melbourne-based Locomote is a digitally-led business travel technology company, offering a fully developed end-to-end corporate booking platform.
Webjet also plans a $25 million on-market share buy-back program over the next 12 months.
In a previous interview with Travel Weekly, Webjet Group CEO Katrina Barry outlined corporate travel for mid-sized businesses as a key growth area, as the group aims to double total transaction value by 2030.
“We’re actually a corporate travel manager by default,” Barry said. “It’s more than small to medium-sized enterprises that probably can’t afford a corporate TMC.”
On the acquisition of Locomote, Barry added: “The acquisition of Locomote, with its secure purpose-built technology, positions us to swiftly provide a distinct business travel offering, avoid any lengthy development phase and at a lower overall cost.”
Locomote’s FY25 total transaction value was circa $70 million. All current staff are expected to remain, including co-founder and CEO Ross Fastuca, COO Tass Messinis and CTO Mario Rogic.
Following the announcement, Webjet Group shares were up 3 per cent.
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