Concure Acquires TripIt for $120 Million
Today mobile trip management company TripIt announced it has signed an agreement to be acquired by travel and expense management solutions provider Concure for $120 million. That equals $82 million in upfront cash, and the condition transfer of a future sum with a maximum of $38 million.
“The combination of Concur and TripIt delivers additional value to existing clients and travelers while helping to expand the addressable market for Concur’s services by reaching a new class of travelers previously unaddressed by traditional managed travel solutions.”
Concure averages about $300 million in annual revenues and has a market cap of $3 billion with over 15 million users globally. TripIt supports all of the leading mobile OSs and is also available on the web, which makes it a highly valuable addition to Concure, or the very least one less competitor to reckon with.
Looking back at the IT travel segment, not everything’s looking rosy. There’s Microsoft’s joining to the anti-Google-IT coalition. The travel data company is vital for the Bing flight search tool as well as others, which is why this coalition included Expedia Inc., Sabre Holdings, Farelogix Inc. and Kayak.com at the time. Kayak in turn announced a filing registration on Form S-1 with the SEC, and we were there to cover the preparations for the travel site’s IPO.
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