Travel and expense management site Concur announced Thursday that it has acquired mobile trip management service Tripit for up to $120 million. Concur is paying approximately $27 million in upfront cash and $44 million in stock and unvested restricted stock units, with an extra $38 million payable based on “additional consideration over time.”
Over 15 million people currently use Concur to organize trips and expenses.
“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 CEO. “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 entirebusiness travel process – from booking, through in-trip activities and sharing trip information, to post-trip expense management and reconciliation.”
Tripit helps travelers by organizing all the details of their trip into one itinerary that includes everything from essential info like flight times and locations to more personal data, like maps and directions, notes, photos, recommendations and more. The service also says it makes it easier to inform family, friends and colleagues of trip details.
The $49/year Pro version of Tripit, targeting more frequent flyers, goes a little further with mobile alerts and emails regarding flight delays, cancellations and gate changes, complimentary 1-year memberships to Hertz #1 Club Gold and Regus Gold, and a system that constantly monitors whether alternate flights are available or whether you are eligible to get a refund for the current one.
As a mobile-focused service, Tripit itineraries are accessible from Android, BlackBerry and iPhone.
While Concur is a service specifically focused on serving businesses of all sizes, Tripit was developed for all kinds of travelers, business or not. I contacted Concur to see if Tripit’s service would be changing in any way after this acquisition. The company’s reply:
Nothing changes with the TripIt service. Anyone can continue to sign up for TripIt, which will continue to provide all the great TripIt features that travelers have been enjoying for years. In addition, you’ll also see great new innovations and integration with Concur’s services, which specifically serve the needs of business travelers.
Good to know.
Founded in 2006, Tripit raised a total of $13.1 million in institutional funding from Azure Capital Partners, O’Reilly AlphaTech Ventures (OATV) and others. Its last round was a $7 million Series C in March 2010.
Vator’s Bambi Francisco interviewed Tripit’s co-founder and president Gregg Brockway last summer; check out the video below.
