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Concur Launches $150 Million Concur Perfect Trip Fund

REDMOND, Wash., Nov. 12, 2012 /PRNewswire/ --  Concur (NASDAQ: CNQR), a leading provider of integrated travel and expense management solutions, today announced the launch of the Concur Perfect Trip™ Fund, $150 million in capital allocated specifically to invest in and nurture emerging companies in the T&E Cloud. Concur's vision of The Perfect Trip is built on 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.

As part of this strategy, Concur recently invested in Evature, developer of an Expert Virtual Agent (EVA) which provides natural-language search capabilities for online travel. Evature joins a growing list of innovative companies in which Concur has invested, including buuteeq, the leading cloud digital marketing system for hotels, Room 77, the industry's most advanced hotel search site, Yapta, a leading provider of Intelligent Price Tracking™ for the travel industry, Cleartrip, India's leading online travel portal and TaxiMagic, the leader in mobile consumer solutions for the ground transportation industry.

"An integral component of our vision for The Perfect Trip is building out the services, functionality and global infrastructure available via the Concur T&E Cloud," said Steve Singh, Chairman and CEO of Concur. "Concur is not only driving the innovation agenda for our industry, we're also leveraging our balance sheet to foster innovation and nurture game-changing technologies that can be leveraged by the entire business travel ecosystem to drive our vision of  The Perfect Trip. Along with our own path of innovation, we want to tap in to the creativity and entrepreneurship of the many smart companies in which we've invested."

Through the Concur Perfect Trip Fund, Concur continues to build and support a vibrant community of emerging T&E sector companies and accelerate their growth. These are joined by the hundreds of partner companies that are already delivering and extending value to the entire travel ecosystem by leveraging the Concur T&E Cloud, including:
  • A wide variety of specialist services for the pharmaceutical and medical device industries like AdvantageMS, Healthcare Data Solutions, MedPro Systems, Porzio Pharmaceutical Services and R-Squared
  • Partners that help make the business traveler's experience even more seamless like Lemon and TravelText
  • Transportation providers like Taxi Magic, GroundSpan, GroundScope and LIMOS.com
  • Partners like Visage Mobile and Tango Card which helps provide control over increasing areas of spend like mobile expenses and corporate gifts.

It is through this unique combination of strategic investment and value-added partnership opportunities within the travel ecosystem that Concur continues to extend the Concur T&E Cloud and make it the global platform for innovation for business travel.

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