Concur, a publicly listed provider of travel and expense management solutions, is teaming up with Cleartrip, one of India’s leading online travel portals. The deal encompasses both a strategic marketing partnership and a $40 million investment for a minority stake in the online travel company.
With this investment and partnership agreement, Concur seeks to expand its existing customer base while also venturing into new territories for growth (the company this morning announced that it has established operations in India).
The partnership with Cleartrip also provides Concur with access to travel content and technology, which it expects it to help better serve the burgeoning Indian business travel market.
Concur will enable clients to capture Cleartrip-generated travel itineraries for end-to-end travel and expense reporting within its services, which the company says are used by more than 15 million people worldwide.
Concur recently acquired travel organization and sharing service TripIt for up to $120 million.