InteleTravel has strategically acquired McVeigh Global Meetings & Events, a renowned global events agency. This acquisition enhances InteleTravel’s footprint in the events industry.
Following the acquisition, McVeigh Global Meetings & Events will continue to operate under its well-established brand, now a fully owned subsidiary of InteleTravel.
Strategic Acquisition for Growth
InteleTravel’s acquisition of the US-based McVeigh Global Meetings & Events (MGME) represents a pivotal step towards expanding its influence in both leisure and business travel sectors. MGME, known for its comprehensive event production and meeting planning services, provides a unique opportunity for InteleTravel to diversify its offerings and enhance its service portfolio, positioning the company for broader market penetration.
By integrating MGME, InteleTravel aims to leverage its successful leisure travel strategies while exploring innovative paths in business travel. The acquisition marks a significant milestone in the company’s strategy to blur traditional lines between leisure and business travel, creating a seamless, blended approach for clients.
Operations and Branding Adjustments
Despite this significant acquisition, MGME will maintain its operational independence and brand identity, akin to the model followed by Hickory Global Partners, another InteleTravel subsidiary. This approach ensures the preservation of MGME’s reputable brand while benefiting from InteleTravel’s vast resources and infrastructural scale.
The integration allows for cooperation between MGME and Hickory, particularly in offering enhanced event production, logistical services, and creative development. This collaboration is set to provide expanded choices and improved service efficiency to corporate clients, supported by InteleTravel’s evolved booking technology and automation.
Enhancements and Synergies
MGME is expected to harness numerous synergies from this acquisition, notably through shared capabilities and consolidated supplier contracts.
Among the benefits, MGME and its clients gain from improved booking technologies, increased automation, and extended purchasing power within the events and travel sectors. The collaboration promises efficiencies in contract negotiations spanning hotels, air travel, car rentals, and cruises, particularly leveraging InteleTravel’s expertise in the latter.
James Ferrara, president and co-founder of InteleTravel, highlighted, “MGME and its clients will benefit from InteleTravel’s resources and scale, as the three companies join in business development, purchasing power, cross-utilising capabilities, and finding economies and efficiencies.”
Educational and Logistical Support
A new educational programme is anticipated, designed to train travel agents in generating qualified leads for MGME services. This initiative aligns with InteleTravel’s objectives of creating additional revenue streams for agents and expanding MGME’s business opportunities.
Furthermore, MGME is set to play a crucial role in the logistics for InteleTravel’s numerous large-scale annual events, providing expertise in planning and execution, thus enhancing the overall event experience for attendees.
MGME’s Global Reach and Experience
MGME’s extensive expertise in hosting over 1,000 events annually across more than 70 countries demonstrates its robust global reach and capability.
With a history spanning over three decades, MGME has managed events for high-profile clients such as IATA, Anheuser-Busch, and GlaxoSmithKline, amassing a commendable portfolio of hospitality and travel spending exceeding $500 million yearly.
The acquisition is poised to augment MGME’s international presence further, underpinned by InteleTravel’s support and innovative travel solutions, thereby enhancing client satisfaction and service delivery globally.
Industry Implications and Future Projections
The acquisition reflects broader trends in the corporate and business travel market, which has seen a resurgence following market rebounds. The meetings, incentives, conferences, and exhibitions (MICE) sector, in particular, continues to witness growth with increasing business networking demands.
InteleTravel’s strategic move anticipates a projected doubling of the MICE industry to over a trillion dollars by the decade’s end, a prospect driven by advancements in meeting technologies and enhanced tourism opportunities.
This acquisition is not merely an expansion; it is a recalibration towards a future where travel services are more integrated and client-focused.
Conclusion
InteleTravel’s acquisition of MGME signals its intent to forge a robust presence in the global events space, leveraging synergies to drive growth.
The collaboration stands to benefit both entities, with MGME gaining from InteleTravel’s resources and InteleTravel expanding its business arena, both poised to enhance service delivery and client satisfaction.
The acquisition of MGME by InteleTravel marks a strategic evolution aimed at enriching both leisure and business travel services.
As the travel industry advances, such strategic moves highlight the importance of blending varied travel services to meet complex client needs.
