Travel comp sells for a yahoo $22m
A BYRON Bay-based online travel information company has been bought by media giant Yahoo!7 for an estimated $20 million.
Totaltravel.com former part-owner, director and head of marketing and strategy, Paul Fisher, described the move as less of a takeover and more as a joint venture.
“This is such a great achievement for a little Byron Bay company,” he told The Northern Star yesterday.
“We will be able to grow faster as part of the Yahoo! and Seven Media groups. This will give us greater opportunities and allow us to leverage some of the exciting media assets of those groups. It's onward and upward form here.”
Yahoo!7's acquisition is the first purchase of the joint internet venture between the two media giants.
A spokeswoman for Yahoo!7 told The Northern Star that it made sense to leave the operation based in Byron Bay and that both companies were working on a plan for future integration over time.
“Totaltravel.com has a dedicated, passionate team of people who have done a great job of building a profitable company. At this stage it's business as usual and there are no redundancies planned.”
Mr Fisher confirmed the company's 45 local jobs were safe and that the move was simply the next phase in the company's growth.
“We're pretty lucky in that we've been able to attract some high calibre people to Totaltravel who have come for the sea change,” he said.
“A big part of our asset value is the people working here.”
Totaltravel.com is one of the largest travel sites in Australia with a rapidly growing network of sites in other countries, including the UK, New Zealand and the US.
Collectively the highly profitable sites attract well over two million travellers a month, and have 167,000 paid listings plus display advertising.