Concur Technologies, provider of integrated travel and expense management solutions, based in Redmond – Virginia has announced having bought a $40 million minority stake in the Indian portal Cleartrip.
This deal comes with many perks for both parties, as Cleartrip will benefit from the marketing powerhouse it now has access to, while Concur will benefit from Cleartrip’s travel itineraries.
“India’s economy is fueling a travel sector that is expected to grow to over $20 billion by 2012,” Concur’s Chief Executive Steve Singh said in a statement.
As Cleartrip offers ticket management for their employees, the merger seems to be the right move for Concur, as their services aim to provide accurate reports regarding corporate travel, booking and reconciling of travel expenses to their customers.
This is not a first acquisition for Concur, as they have previously bought mobile management tool “TripIt”, all through an upfront payment of 82 million US dollars. Adding TripIt and ticket management to their travel services offering, Concur will only improve their offering and strengthen their market position.
Concur has bought the stake in Cleartrip as they posted encouraging financial results for the fiscal year ending in March 2010. They have reported a gross revenue of about 12.39 million US dollars and after tax profit of around $1.37 million, a clear improvement from the 2009 fiscal year when Cleartrip announced 7.55 million US dollars in revenue and after taxes losses of 5.55 million US dollars.
Concur has also enjoyed a good fiscal year in 2010, the company reporting total revenues of almost 300 million US dollars and a net income of 20.6 million dollars, with the largest contribution to their revenue being made in Q4 of the past fiscal year.
By Olivia GrilHey Folks! I'm Olivia from California, United States. I'm a blogger, travel lover, I can travel anywhere, whether it's a new place or already visited. I love meeting new people, clicking photos of every movement, and documenting my adventure. I also, write about travel, travel movies, the best places to visit, etc. Read my stories.
