Concur, a provider of integrated travel and expense management solutions, today announced it has agreed to acquire privately held TripIt –a mobile trip management company 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.
“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.” said Steve Singh, Concur’s chairman and chief executive officer.
“This is great news for the millions of travelers who trust TripIt as a better way to manage travel and the hundreds of third party developers who are a part of the TripIt API ecosystem. Together with Concur, we can move even faster to realize our vision of making travel easier for even more people and companies around the world,” said Gregg Brockway, TripIt co-founder and president.