Northstar Travel Media Buys PhoCus Wright Inc.
Deal represents Northstar's fifth acquisition in the last 18 months.
Northstar Travel Media has acquired PhoCus Wright, Inc. a b-to-b information company serving the travel and meetings industries. PhoCus Wright offers the annual PhoCus Wright Conference, which serves global travel industry leaders.
PhoCus Wright founder Philip Wolff will become chairman of the company, which is now a wholly owned subsidiary of Northstar Travel Media.
"The addition of PhoCusWright provides Northstar with leadership in the fastest-growing segment of travel, tourism and hospitality: the convergence of digital technology and the travel industry," said Thomas Kemp, chairman & CEO of Northstar Travel Media, in a statement.
Kemp told FOLIO:, "We have strong positions in print and digital; we have a budding face-to-face business, and a smaller paid subscription information business. We want to further expand with research, as well as do more events."
PhoCus Wright, a 17-year-old company, sees a revenue of close to $10 million annually. PhoCus Wright deals with the technology of travel and travel distribution with companies such as Priceline.com and Expedia. Kemp says that with this acquisition, Northstar will be able to enhance the "retail, leisure side tied to travel agencies" aspect of its business.
The PhoCus Wright conference, attended by 1,500 C-level executives from the travel industry, technology providers, e-commerce and media businesses and financial investors, is a content and networking driven event held annually.
The deal represents the fifth acquisition Northstar has made in the past 18 months. Earlier this year Northstar acquired the assets of online information site LuxuryTravel 360 and last March it bought the Nielsen Travel Group.
Kemp says, "At a time when a lot of companies have been focused on rationalization, restructuring and getting out of the business, we’ve been very active in investing in the future of ours."