ATLANTA, June 26, 2012 /PRNewswire/ -- TRX, Inc. (www.trx.com) (OTCQB: TRXI), a global leader in travel data and technology, today announced it acquired the mobile expense reporting application technology from privately-held Nexpense for its expense solution TRUEXPENSE®. The native application helps travelers easily capture expense receipt photos with their smart phones and automatically uploads the receipts into the expense reporting tool using a business rules engine and fraud detection algorithm.
The new application is expected to be fully integrated with TRUEXPENSE in August and will be available through the Apple app store and in the Android market.
"Mobile solutions are rapidly expanding and changing the landscape of business travel and expense management," said TRX President and CEO Shane Hammond. "The Nexpense application is a valuable addition to TRX's TRUEXPENSE solution and makes expense reporting and management easier for our customers and their business travelers. Mobility is a necessity in today's travel world, which is why we are committed to investing in mobile technology to add value to our suite of travel and expense solutions."
The new application eliminates the need for business travelers to manually email their receipts. Additionally, Optical Character Recognition (OCR) technology is embedded in the application to help prevent fraudulent expense claims. OCR technology parses all entered receipts to recognize duplicates and prevent manual expense errors.
"This is excellent for TRX customers," said Nexpense Founder Jennifer Bonnet. "The Nexpense app's mission is to eliminate the frustration and fraud inherent in the paper expense management process, which coincides nicely with TRX's mission to simplify and automate expense management. Combining this mobile technology with TRX's suite of solutions was a smart business decision."
ABOUT TRX, Inc.
TRX, Inc. (OTCQB: TRXI) is a global leader in travel data, software and solutions. With more than 20 software-as-a-service utilities, TRX helps top travel agencies, corporations, government agencies and other institutions maximize savings and efficiency through travel technology applications. From data intelligence and process automation to expense management and consulting services, TRX software makes travel transaction processing, travel management and data management simple and effective. For more information on TRX, visit www.trx.com or call 404.929.6100.
SOURCE TRX, Inc.