TripIt, a startup that offers mobile and online tools that travelers can use to organize their travel plans, has been sold to Concur for up to $120 million. Concur, which helps businesses manage employee expenses and travel booking, says the acquisition will allow it to offer “additional value” to its existing customers and reach travelers who are not using what it refers to as “managed travel solutions.” Already, Concur has been offering a mobile app to some of its customers that includes limited travel organization tools, including an easy way to check itineraries and to add entries.
With TripIt, users send their itineraries to an e-mail address and then have TripIt organize them into a single “master travel itinerary” that they can easily share and access — online or on their phones. A basic version is free, although a ‘Pro’ version costs $49 a year and alerts travelers to delays or changes, as well as to alternate flights they can take. The company has a partnership with discount travel site Hotwire, so that travelers who use that service to book tickets can automatically add their plans to their TripIt itinerary.
Concur is paying about $65 million in cash and $44 million in Concur stock for TripIt. TripIt’s owners can also get an additional $38 million in 30 months depending on the performance of Concur’s stock and whether or not they sell their Concur stock holdings. TripIt’s backers, which include Azure Capital Partners and O’Reilly Alpha Tech Ventures, had put just over $13.1 million into the company, including $7 million in a funding round last spring. More details in the release.