Concur Investing $40 Million Into Online Travel Portal Cleartrip

Posted Apr 19, 2011

Concur Technologies is investing $40 million in Indian online travel website Cleartrip.com. Cleartrip is similar to Kayak.com, but intended for the travel market in India. Cleartrip launched in 2006 and they have received venture capital from Kleiner Perkins Caufield & Byers, DVJ, DAG Ventures, and Sherpalo Ventures.

?As a global technology provider, we understand that it?s critical to focus on the local needs of each market in which we operate,? stated Concur CEO Steve Singh in a statement. ?In partnership with Cleartrip, Concur plans to leverage the synergies of our combined technologies to help us expand our offerings, extend our reach, and make business travel easier for the millions of travelers in India.?

Concur Technologies, Inc. (Public, NASDAQ:CNQR) is a provider of on-demand Employee Spend Management solutions that is valued at over $2.8 billion in the stock market.

[GeekWire]