The new agreement gives Concur a minority stake in Cleartrip and includes a strategic marketing partnership. It also provides Concur with access to new technology and travel content as it bids to expand into the growing Indian travel market.
With the new cash Cleartrip will expand its customer base and grow into new markets.
In an announcement, Concur’s chairman and chief executive officer, Steve Singh said: “India is projected to very soon become the world’s third largest economy, with a travel sector that is expected to be well over $20 billion by 2012.”
“As the global leader in corporate travel, expense and itinerary management, Concur looks forward to continuing to serve the needs of this rapidly growing market in which we’re already very well established.”
“By hiring local talent across all functional areas of our business and focusing on the local needs of each market in which we operate, Concur will continue to expand our offerings and extend our global reach.”