Concur buying TripIt in $82 million deal
Redmond software company Concur is buying TripIt in a deal worth $82 million to add mobile-trip management to its expense software.
Seattle Times technology reporter
In a deal worth $82 million, Redmond business-software developer Concur is buying TripIt to add mobile-trip management to its expense-management software.
Concur will pay for the acquisition with $27 million in cash and $44 million in stock. It will also exchange unvested TripIt stock options for Concur stock worth $11 million. If the companies meet certain conditions, TripIt could also receive $38 million more in cash.
Altogether, the deal could potentially be worth as much as $120 million.
"The advancement of mobile solutions has changed the way business travelers buy, share, manage and expense their travel plans," Concur Chief Executive Steve Singh said in a statement. "There is a universal need to bring order to the chaos of travel and make life better for business travelers."
TripIt, based in San Francisco, has built a free service that turns confirmation e-mails into travel itineraries that can be accessed via the Web or on mobile phones running Android, BlackBerry or iPhone apps.
The company's premium service automatically monitors travel itineraries and provides mobile alerts, gives alternate flight options and tracks frequent-traveler points.
The companies expect the deal to close in the second quarter of fiscal 2011. Concur expects the acquisition to dilute its operating margins in fiscal 2011.
Concur plans to keep the TripIt office in San Francisco and retain all employees.
On Thursday, Concur stock rose 16 cents to $54.74.
Sharon Pian Chan: 206-464-2958 or firstname.lastname@example.org
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