U.S. based publicly listed Concur invests $40 Million in Cleartrip

By siliconindia   |   Tuesday, 19 April 2011, 01:25 IST
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U.S. based publicly listed Concur invests $40 Million in Cleartrip
A deal between Concur, a provider that manages travel and expense of companies of all sizes, and Cleartrip, one of India's leading travel portals, was struck on the basis of strategic marketing. They have also agreed upon $40 million investment for a minority stake in the online travel company. Founded in 1993, Concur is a leading provider of integrated travel and expense management solutions. Steve Singh is the CEO and Chairman of the company. Concur has picked-up a minority stake in Cleartrip, making their entry into the Indian travel market which according to them will grow over the next few years. They plan to support Cleartrip in sales, marketing, business development and customer support said CEO and Chairman of Concur, Steve Singh. In partnership with Cleartrip, Concur plans to leverage the synergies of our combined technologies to help us expand our offerings, extend our reach, and make business travel easier for the millions of travelers in India adds Steve Singh. Along with Cleartrip, Concur will allow clients to see the itineraries from Cleartrip for a detailed travel and managed expense with the help of Concur’s services. The companies also work together keeping in mind to leverage specific Indian travel content, including air, hotels and rails, provided by Cleartrip. Sandeep Murthy, Chairman Cleartrip says, together they plan on helping Indian businesses of all sizes achieve new levels of efficiency in travel and expense management, through enhancements in technology and product offering as well as superior services.