Concur Makes Strategic Investment in Yapta
Yapta airfare tracking engine will power TripIt Pro airfare price tracking and price assurance capabilities
REDMOND, Wash., July 20, 2011 -- Concur (Nasdaq: CNQR), a global leader in integrated travel and expense management, today announced a $5 million strategic investment in Yapta, a leading provider of airfare tracking and hotel rate tracking services. As part of the investment, Concur and Yapta have entered into an alliance agreement, under which Concur will exclusively use Yapta’s airfare price tracking and price assurance services for its TripIt Pro users. The parties also plan to explore additional opportunities for integrating Yapta’s services with Concur’s services to drive greater value for Concur’s customers. To date, Yapta’s technology has conducted more than a billion price checks on millions of flights, revealing more than $350 million in savings for travelers.
"In today’s economic environment, travelers are looking to get the best value from their travel spending,” said Rajeev Singh, president and COO at Concur. “Many travelers aren’t even aware that that they could be eligible for a refund on their flight if the fare drops. Concur has a great opportunity with Yapta to help travelers using TripIt Pro to capture the airfare savings that they deserve. We’re excited that two leading companies in the Seattle-area are coming together to help travelers save money.”
“We believe that the value delivered by Yapta’s services align nicely with Concur’s mission to help businesses and their travelers save money and time,” said Tom Romary, co-founder and CEO of Yapta. “Our travel pricing tools are engineered specifically to help business travel organizations – large and small – maximize the value of their travel spend and streamline costs. We’re excited for the opportunity to demonstrate the effectiveness of our price tracking technology to TripIt Pro users and help them discover travel savings that might have otherwise gone unidentified.”
Most domestic airlines have guaranteed airfare polices that enable travelers to claim a refund for the difference if the price of their flight becomes available for less after booking. With Yapta, travelers can take advantage of the price protection that’s available to them helping them save on their biggest travel expense.
TripIt Pro has all the benefits of TripIt which makes it easy to organize and share travel information from one place. Additionally, TripIt Pro helps travelers stay informed with flight alerts and alternate flight options, organizes all frequent traveler points in one place, and monitors flights within the traveler’s itinerary and automatically notifies the traveler if there’s a chance for a flight refund.