Posted on: January 13, 2011
Concur to acquire TripIt itinerary planner
By Jerry Limone
Concur said Thursday that it will acquire TripIt, a San Francisco-based provider of mobile services for business travelers, for up to $120 million.
Concur, a provider of travel-booking and expense-management solutions for business travelers, expects to close the acquisition by the end of March.
TripIt helps travelers organize travel plans. After making travel reservations, users forward confirmation emails to plans@tripit.com. TripIt automatically builds an itinerary that users can access from a web-enabled laptop or mobile device.
The itinerary planner is a free service. For $49 per year, travelers can purchase TripIt Pro and track points in loyalty programs, receive flight alerts and automatically share itineraries with people who need to know where they are going.
TripIt's competitors include TripCase and Traxo. TripCase is an itinerary planner owned by Sabre Holdings.
Concur CEO Steve Singh said that adding TripIt helps Concur "solve challenges along the entire business travel process."
"The advancement of mobile solutions has changed the way business travelers buy, share, manage and expense their travel plans,” said Singh. "There is a universal need to bring order to the chaos of travel and make life better for business travelers."
Breaking down the financial components of the deal, Concur has agreed to acquire TripIt for approximately $27 million in cash and approximately $44 million in Concur stock. Also, Concur will exchange unvested TripIt options into Concur restricted stock units having an aggregate value of approximately $11 million at closing.
Plus, the companies have agreed to a contingent cash amount of up to $38 million, which will be settled 30 months from closing. The contingent amount is subject to certain adjustments and escrow provisions set forth in the agreement.
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