Concur to acquire TripIt

Concur, a provider of integrated travel and expense management solutions, has agreed to acquire privately held mobile trip management company TripIt for 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.

Published: 13 Jan 2011

Concur, a provider of integrated travel and expense management solutions, has agreed to acquire privately held mobile trip management company TripIt for 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.

“The advancement of mobile solutions has changed the way business travellers buy, share, manage and expense their travel plans,” said Steve Singh, Concur’s chairman and chief executive officer. “There is a universal need to bring order to the chaos of travel and make life better for business travellers. That is true for both managed and unmanaged travel. Together, we solve challenges along the entire business travel process – from booking, through in-trip activities and sharing trip information, to post-trip expense management and reconciliation.”

Both Concur and TripIt are augmented by an open platform that integrates mobile and web services plus content and technology from thousands of partners, suppliers and developers.

Details

Concur has signed a definitive agreement to acquire TripIt for approximately $27 million in cash and approximately $44 million in Concur stock at closing, plus a contingent cash amount settled upon 30 months from closing of up to approximately $38 million, subject to certain adjustments and escrow provisions set forth in the definitive agreement. As part of the acquisition, Concur will exchange unvested TripIt options into Concur restricted stock units having an aggregate value of approximately $11 million at closing.

All components of consideration bring the total deal value to as much as $120 million. However, there is no payment of the contingent cash amount if the value of the approximately $44 million of stock consideration issued exceeds approximately $82 million during the 30 month period following closing, subject to limitations.

 
 
 

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