Concur to Expand the Concur T&E Cloud with the Integration of Leading TMC Technologies for Mid-Office and Analytics GDSX Asset Purchase and TRX Acquisition Continue Strategic Focus on Driving Innovation to Partner Ecosystem
BELLEVUE, Wash., July 16, 2013 /PRNewswire/ -- Concur (Nasdaq: CNQR), the global leader in integrated travel and expense management, today announced it has acquired leading Travel Management Company ("TMC") technology solutions from GDSX and TRX. The integration of the acquired solutions for mid-office and data analytics into the Concur T&E Cloud will enable TMCs, partners and third-party developers to enhance existing services and drive innovation in a way that benefits the entire travel ecosystem. From corporate travel managers and TMCs to business travelers and suppliers, the Concur T&E Cloud connects more than 20 million business travelers to the suppliers and TMCs that serve them as well as an increasing range of applications and services tailored to meet their individual and corporate needs.
"TMCs are a critical element of the travel ecosystem, and Concur is investing more than anyone in the industry through internal solution development, acquisitions and the Perfect Trip Fund to help the ecosystem grow and drive success for TMCs," said Steve Singh, Chairman & CEO of Concur. "By integrating GDSX and TRX into the Concur T&E Cloud, we will enable seamless linking to suppliers, technology providers, corporations, and travelers. For our TMC clients, this will help to create efficiency and value throughout the travel ecosystem."
GDSX and TRX have many strong relationships and years of product development between them. With a dedicated focus on customer success, they have become trusted partners to some of the most respected travel organizations in the world. Concur plans to leverage their complementary strengths to extend the robust suite of solutions already provided through the Concur T&E Cloud.
- GDSX provides cloud-based tools and services that enable mid-office automation, pre-trip authorization, trip disruption solutions and a centralized trip repository. Their clients use GDSX solutions including COMPLEAT, CETAS and TripLink to reduce costs, increase revenue, simplify chaos, and empower innovation within their organization.
- Through its TRAVELTRAX, CORREX and Queue Manager offerings, TRX offers solutions that greatly enhance TMC efficiency through automation while also providing TMCs with a powerful data and analytics capability for their customers. These products lead to a higher level of service for their customers, while giving corporate travel managers the tools they need to gain increased control and visibility over their managed travel programs. By consolidating data records from a variety of sources, including credit card issuers and networks, back office travel systems, hotel suppliers, airlines, and GDSs, customers have a more accurate view of their total travel spend – including transactions that happen outside a managed travel program.
The terms of the transactions were not disclosed. Concur plans to provide updated guidance on July 31, 2013 when it reports financial results for the fiscal 2013 third quarter and conducts its regularly scheduled conference call.
Concur is a leading provider of integrated travel and expense management solutions. Through Concur's open platform, the entire travel and expense ecosystem of customers, suppliers, and developers can access and extend Concur's T&E cloud. Concur's systems adapt to individual employee preferences and scale to meet the needs of companies from small to large. Learn more at www.concur.com or the Concur blog.
This press release contains forward-looking statements that are inherently uncertain. These forward-looking statements, such as the statements made by Mr. Singh are based on current expectations and involve many risks and uncertainties that could cause actual results to differ materially from current expectations. Factors that could cause or contribute to actual results differing from current expectations include, but are not limited to: potential difficulties or delays in connection with the GDSX asset purchase and the TRX acquisition, including the anticipated benefits of the acquisitions, or the broader integration of the Concur, GDSX and TRX businesses; potential delays in market adoption and penetration of our service offerings; potential difficulties associated with our deployment and support of our products and services; our ability to manage expected growth of our service offerings, including those integrating the GDSX and TRX offerings; retention and expansion of customers; continued use and adoption of on-demand services; the scalability of the hosting infrastructure for our integrated service offerings; changes in the level of business travel that may reduce the use of our products and services or inhibit new sales of our integrated products and services; potential difficulties associated with strategic relationships and with development of new products and services, including those incorporating GDSX's and TRX's offerings; uncertain market acceptance of our combined products and services or future products and services; and the overall level of customer demand for our offerings.
Please refer to the company's public filings made with the SEC (http://www.sec.gov) for additional and more detailed information on risk factors that could cause actual results to differ materially from current expectations. Concur assumes no obligation to update the forward-looking information contained in this press release.