Concur, the company that provides “integrated travel and expense management solutions,” announced it has agreed to acquire TripIt, the trip management service we covered for few times in the past. Concur will pay approximately $82 million in upfront cash, stock and unvested restricted stock units, and additional consideration over time that could bring the total value to $120 million.
As you may know, people use TripIt to organize their travel, and make their lives easier, by forwarding their confirmation emails to plans@tripit.com to instantly create a master itinerary they can access on the web or mobile phone.
Concur is “trusted by more than 15 million people” to help them manage their business travel and expenses.
The combination of the two companies will apparently deliver 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.
We can only hope the deal won’t crush TripIt, which is used by millions, myself included…