Concur Acquires TRX, Inc.
Bellevue, Washington, 16 July 2013 – Concur (Nasdaq: CNQR), the global leader in integrated travel and expense management, today announced it acquired TRX, Inc., a leader in travel data and Travel Management Company (“TMC”) mid-office technology solutions.
Based in Atlanta, TRX offers solutions that 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 TMC 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.
In addition to its analytics and mid-office solutions, TRX operates business process outsourcing and call center business units that are not aligned with Concur’s strategies. Concur plans to continue operating these business units and serving related customers while conducting a process to identify strategic partners that are better positioned to support the ongoing operations.
The terms of the acquisition were not disclosed. Concur plans to provide updated guidance on 31 July 2013 when it reports financial results for the fiscal 2013 third quarter and conducts its regularly scheduled conference call.
TRX used to be part of international travel company BCD Holdings N.V.
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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.
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This press release contains forward-looking statements that are inherently uncertain. These forward-looking statements 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 TRX acquisition, including the anticipated benefits of the acquisition, or the broader integration of the Concur 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 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 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 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.