Concur, the travel and expense management company, has announced an agreement to acquire TripIt in a deal worth $82 million. Additional consideration over time could bring the total value to $120 million.
The deal means Concur will own the market leader in mobile trip management that assists travellers to organise and share their travel plans.
“The advancement of mobile solutions has changed the way business travellers 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 travellers.”
Currently, TripIt’s customers use the service to organise their travel plans by forwarding their confirmation email to the company. TripIt then creates a complete Itinerary that the customer can access via the web or their mobile phone.
Gregg Brockway, TripIt co-founder and president, said: “This is great news for the millions of travellers 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 realise our vision of making travel easier for even more people and companies around the world.”