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Flight Centre Travel Group Ltd (ASX:FLT) Is Prowling For Acquisitions

Flight Centre Travel Group Ltd (ASX:FLT) announced this morning that it has acquired Umapped.
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Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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Flight Centre Travel Group Ltd (ASX: FLT) announced this morning that it has acquired Umapped.

The acquisition:

Umapped is a Toronto-based technology business that provides travel documentation, communication and itinerary management software to the travel industry. Flight Centre is one of the world’s largest travel companies.

Flight Centre plans to use Umapped’s products to enhance its web and mobile services, deliver upgraded documentation, better templates and real-time communication between consultants and customers.

One of its subsidiaries, GOGO in the USA, is already using some of Umapped’s products and it will now be rolled out globally.

Flight Centre CEO Graham Turner said: “We have been impressed with the platform and believe it can have a positive impact on our consultants’ productivity and on our customers’ travel experiences.”

The acquisition will be funded by cash. Flight Centre said the purchase price is ‘immaterial’ to the company and will not be disclosed.

Investors will be hoping that this acquisition can help continue the growth achieved in the FY18 result.

The Flight Centre share price is down 0.2% in early trade according to Google Finance.

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