Monday 29th July, 2013

Travel and Expenses specialist Concur has agreed to invest $150 million in emerging companies in the T&E Cloud, as part of its Concur Perfect Trip™ programme.

Concur has recently completed new investments in StayNTouch, a developer of next-generation cloud-based solutions for hotels, and Trover, a mobile app and website that allows its community of travellers to share and explore discoveries in a highly visual way, and Yapta, a leading provider of Intelligent Price Tracking™ for the travel industry.

Through this initiative, Concur is driving its vision of The Perfect Trip throughout the travel supply chain by creating a travel ecosystem that dynamically responds to the needs of business travelers, the companies that they work for and the suppliers that serve them.

"Concur is committed to driving the innovation agenda for our industry, and we recognize that a critical component of that agenda is providing compelling, emerging companies with the funding they need to deliver world-class solutions,” said John Torrey, Executive Vice President, Corporate Strategy of Concur."

"By leveraging our balance sheet to foster innovation and nurture game-changing technologies that can be leveraged by the entire business travel ecosystem, we can efficiently extend our vision of The Perfect Trip to companies, suppliers and travelers as well as the developers, TMCs and other vendors who serve them. Smart companies like StayNTouch, Trover and Yapta share Concur’s spirit of creativity and entrepreneurship that will help us build out the services, functionality and global infrastructure available via the Concur T&E Cloud."

Yapta, StayNTouch and Trover join a growing list of innovative companies in which Concur has invested, such as Evature, buuteeq, Cleartrip, Nor1 and TaxiMagic.