TripIt Gets An ExIt – Acquired By Concur For Up To $120 Million
Concur, a publicly-listed provider of integrated travel and expense management solutions, this morning announced it has agreed to acquire TripIt, which helps travelers easily organize and share travel plans.
Concur is initially paying approximately $82 million in upfront cash, stock and unvested restricted stock units – additional consideration over time could bring the total value to $120 million. More details on the financials are below.
It’s quite a good exit for the company when all the smoke clears, having raised just a little over $13 million in funding to date. Investors include O’Reilly AlphaTech Ventures, European Founders Fund and Azure Capital Partners.
In a statement, Concur chairman and CEO Steve Singh explains the rationale for the acquisition of TripIt:
“The advancement of mobile solutions has changed the way business travelers buy, share, manage and expense their travel plans. There is a universal need to bring order to the chaos of travel and make life better for business travelers. That is true for both managed and unmanaged travel.
Together, we solve challenges along the entire business travel process â€“ from booking, through in-trip activities and sharing trip information, to post-trip expense management and reconciliation.”
Concur says more than 15 million people use its solutions to help manage their business travel and expenses. The entire TripIt team will join Concur.
Concur has signed a definitive agreement to acquire TripIt for approximately $27 million in cash and approximately $44 million in Concur stock at closing, plus a contingent cash amount settled upon 30 months from closing of up to approximately $38 million, subject to certain adjustments and escrow provisions set forth in the definitive agreement.
As part of the acquisition, Concur will exchange unvested TripIt options into Concur restricted stock units having an aggregate value of approximately $11 million at closing. All components of consideration bring the total deal value to as much as $120 million.
Concur says it will provide more details in early February on its earnings conference call for the first quarter of fiscal 2011.
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