TripIt helps travelers easily organize and share travel plans no matter where they book. The deal is for $82 million in upfront cash, stock and unvested restricted stock units. There is an 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.”
Concur is used by more than 15 million people to help them manage their business travel and expenses. TripIt is one of the more popular ways that millions of people organize their travel, and make their lives easier, by forwarding their confirmation emails to email@example.com to instantly create a master itinerary they can access on the web or mobile phone.
Both Concur and TripIt use an open platform that integrates mobile and web services plus content and technology from thousands of partners, suppliers and developers. The deal is looking to make both products more competitive in an increasingly competitive market as well as help both products reach out to new customers.
“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. “It’s also a testament to the passion, hard work, and commitment to excellence the entire TripIt team has demonstrated since day one to be the best at solving tough travel problems to help improve the lives of travelers everywhere.”