Making The Investment

Flight Centre Travel Group has acquired a 24.1% interest in the Argentinian travel company BIBAM (Biblos America), which owns and operates Biblos and the fast growing e-commerce player Avantrip.

According to Dean Smith, FLT’s president in the Americas, the company’s investment in Bibam will deliver enhanced digital commerce capabilities through access to Bibam’sá scalable e-commerce platforms and software development teams, as well as a low-risk entry to the large Latin American markets.

“We are thrilled to partner with such strong operators in this dynamic market, which is also an emerging IT hub,” Smith said. “We have had a long relationship with Biblos through its involvement in the FCM corporate travel network and have identified further growth opportunities in Argentina and throughout the Latin America region in corporate travel and in other sectors, particularly online.”

He also pointed out that:

“We have been impressed with Bibam’s proprietary technology platform and the level of talent in the organization. Avantrip’s fast growth in the online retail space is a testament to the massive opportunities in Argentina and the Latin America region in general.”

FLT will pay $US7million for its 24.1% stake in Bibam and will be represented on the company’s board of directors, with Smith to be appointed a director.