One of our favorite mobile travel apps, TripIt, announced that it has been acquired by integrated travel and expense management company Concur in a deal valued at $120 million.
Concur will be acquiring TripIt for $27 million in cash, $44 million in stock and a cash contingency valued up to $38 million, to be settled 30 months after closing.
On its blog, TripIt says that its employees will remain in San Francisco and that TripIt will continue to be offered as it is today. The difference is that TripIt will now have the resources to innovate and develop more features.
Be yond that, TripIt will also now have a better opportunity to target the business and corporate travel market, an area where Concur really shines. As a company, Concur offers small, medium and large businesses a way to manage travel and expenses together, through web and mobile offerings.
In the acquisition FAQ document, Concur outlines some of the reasons for the acquisition and some of the assets it expects to get from the startup.
TripIt will offer Concur a way to expand into markets that extend beyond the corporate, managed travel space. Although Concur does target the small business market for its expense solutions, much of its travel integration is focused on medium and larger businesses or corporations. TripIt will allow the company to target less frequent or independent business travelers.
As a long-time TripIt user, the reason I love the service is because of how easily it integrates into my life. I can either forward travel plans to plans@tripit.com or just link it to my Gmail or Google Apps account. If Concur could integrate an expense feature that works in the same sort of way, we think the company could create a compelling offering that really speaks to a growing segment of the business travel market.
Do you use TripIt? What services do you use to manage your travel plans (business or otherwise)?
Reviews: TripIt, blogMore About: acquisitions, concur, startups, travel, tripit
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