I’m excited to share some news about how TripIt’s mission to help “decrease the chaos, and increase the peace” for every traveler and business in the world just got a huge boost.
Today, we signed an agreement to be acquired by Concur (Nasdaq: CNQR) in a $120 million transaction (for details, see the press release). For those not familiar with Concur, it’s a company we’ve long admired that provides integrated expense and travel management solutions. Founded in 1993, they’re now a company with annual revenues of $300MM, a market cap of $3B, and over 10,000 companies and 15 million people around the world using their services. We’ve always respected their laser focus, the foresight to see new opportunities in the market, and the courage to embrace change and move faster at meeting market needs before anyone else.
This is where TripIt comes into the picture. TripIt brings a service millions of business travelers love, expertise in creating simple and intuitive user experiences, our fast, “do it for me” technology (the Itinerator!), mobile prowess, a new SaaS service aimed at businesses, and our 40+ rock-star team who can innovate and execute faster and smarter than the best of them.
This combined entity is great news for all of you–our loyal travelers, developers, partners, and business customers. Moving forward, TripIt will be able to develop and innovate faster, continue to offer great customer service, expand our customer base, and leverage the expertise and support Concur has to offer to solve the tough travel problems that still exist today.
So TripIt will continue to be offered as it is today, but better and more available to travelers and companies everywhere. All of our employees are now Concur employees and our offices are still here in San Francisco.
I’m invigorated. I see this as a new beginning. We climbed up the hill to this point, but we’re not resting on our laurels. There are more opportunities, challenges, and adventures ahead. With Concur we’ll expand our presence among current customers, tackle the unmanaged travel space, reach out to new geographies, and go where no travel company has gone before. Watch us. This next part of our journey is going to be a great one and I’d be honored if you join us.