Two rival Bermuda travel agencies are joining forces to form a new venture dedicated to corporate travel management.

C Travel and Advance Travel ? two of Bermuda?s largest travel agencies ? have inked a deal to set up the new corporate travel business within C Travel?s offices on Queen Street.

Advance Travel?s Bermuda office ? which has been located in the Windsor Building ? will cease to operate although CEO Carmine Carpanzano will continue with his US-based travel businesses and is to hold a stake in the new joint venture company, C2 Ltd.

C2 Ltd. ? pronounced ?C two? and said to be a name based on the venture being between C Travel and Mr. Carpanzano ? will effectively become the corporate travel arm and sister company to C Travel.

Carl Paiva, CEO of C Holdings Ltd, the parent company of both C Travel Co. Ltd and C2 Ltd, told that Advance Travel and C Travel are to each have a 50 percent stake in the joint venture.

He added that Mr. Carpanzano would be an active partner in the business. Although he plans to continue with his businesses in the US, Mr. Carpanzano will also be developing new corporate initiatives for C2?s corporate accounts as well as development of corporate leisure programmes.

?C2 represents a departure from the way traditional travel has been managed and conducted in the past,? said Mr. Paiva, a 33-year veteran of the travel business. ?We recognise that the leisure traveller is very different to the corporate traveller. It makes sense for us to differentiate and align our market accordingly, using our proficiencies in order to serve our clients better. We are very excited about this partnership and look forward to expanding our potential even further.?

Mr. Carpanzano said: ?This is a very exciting initiative. It brings together two parties that are very strong in their respective fields.?

The development follows Mr. Carpanzano recently launching nuTravel, a travel technology company in the United States. That company offers web-based software solutions to travel agencies, travel suppliers and travel related consumer websites and will play a significant role in contributing to the development of the new company in Bermuda.

Mr. Carpanzano said: ?C2 will leverage nuTravel?s technology and web-based services which will create efficiencies and generate new revenue streams for the company. Because of the synergies we will achieve, C2 will be in a position to provide the corporate traveller with the best products and services in the market place. We look forward to the new dynamic that the partnership allows.?

Mr. Paiva said both C Travel and Advance Travel were already active in the corporate travel market, but with the new venture they were looking to expand their reach into other markets outside of Bermuda, as well as being able to help corporate clients shave their travel costs. He said this would be done by leveraging relationships with other travel network partners overseas, including Advance?s US operations.

Mr. Carpanzano said: ?C2 will have a strong focus on controlling travel budgets and expense management without compromising the efficient service of the corporate account. We expect our corporate accounts to be able to enjoy significant savings as a result of our expertise and technology.?

Mr. Paiva said the staff of both agencies had been notified of the changes, and Advance?s agents had been given the option of staying with the new company.

Mr. Paiva said C Travel held ?the lion?s share of travel business in Bermuda? and that Advance had been in the ?top three? for Bermuda market share.