Concur to Acquire TripIt, the Leading Provider of Mobile Services for the Business Traveler
finance.yahoo.com
Combination also extends services to address the unmanaged business travel market
REDMOND, Wash., Jan. 13, 2011 /PRNewswire/ -- Concur (Nasdaq:CNQR), a leading provider of integrated travel and expense management solutions, today announced it has agreed to acquire privately held TripIt – the market leader in mobile trip management that helps travelers easily organize and share travel plans no matter where they book – for approximately $82 million in upfront cash, stock and unvested restricted stock units, and additional consideration over time that could bring the total value to $120 million.
"The advancement of mobile solutions has changed the way business travelers buy, share, manage and expense their travel plans," said Steve Singh, Concur's chairman and chief executive officer. "There is a universal need to bring order to the chaos of travel and make life better for business travelers. That is true for both managed and unmanaged travel. Together, we solve challenges along the entire business travel process – from booking, through in-trip activities and sharing trip information, to post-trip expense management and reconciliation. We welcome the entire TripIt team to Concur and look forward to working together to deliver even more value to travelers, our customers and our partners." |
