Concur launches travel & expense cos fund

Nov 27 2012, 17:47 IST
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SummaryTravel and expense (T&E) management solutions provider Concur today launched USD-150 million (about Rs 835 crore) fund.

Travel and expense (T&E) management solutions provider Concur today launched USD-150 million (about Rs 835 crore) fund for supporting emerging companies in the T&E cloud ecosystem.

The Concur Perfect Trip Fund's vision is to create a travel ecosystem that dynamically responds to the needs of business travellers, the companies that they work for and the suppliers that serve them, Concur said in a statement.

As part of the strategy, Concur has recently invested in Evature, which has a solution for providing natural-language search capabilities for online travel.

Concur has also invested in companies like Cleartrip, buuteeq (cloud digital marketing system for hotels), Room 77 (hotel search site), Yapta (provider of intelligent price tracking) and TaxiMagic (mobile consumer solutions for ground transportation).

"An integral component of Concur's vision for The Perfect Trip is building out the services, functionality and global infrastructure available via the Concur T&E Cloud," Concur Senior Director (Marketing) Christopher Juneau said.

Concur is also investing to foster innovation and nurture game-changing technologies that can be leveraged by the entire business travel ecosystem to drive the vision of The Perfect Trip, he added.

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