Concur To Acquire TripIt, The Leading Provider Of Mobile Services For The Business Traveller

Combination also extends services to address the unmanaged business travel market

SYDNEY, January 14, 2011 – Concur (Nasdaq: CNQR), a leading provider of integrated travel and expense management solutions, today announced it has agreed to acquire privately held TripIt – the market leader in mobile trip management that helps travellers easily organise and share travel plans no matter where they book – for approximately US$82 million in upfront cash, stock and unvested restricted stock units, and additional consideration over time that could bring the total value to US$120 million.

“The advancement of mobile solutions has changed the way business travellers buy, share, manage and expense their travel plans,” said Steve Singh, Concur’s chairman and chief executive officer. “There is a universal need to bring order to the chaos of travel and make life better for business travellers. That is true for both managed and unmanaged travel. Together, we solve challenges along the entire business travel process – from booking, through in-trip activities and sharing trip information, to post-trip expense management and reconciliation. We welcome the entire TripIt team to Concur and look forward to working together to deliver even more value to travellers, our customers and our partners.” As the leader in integrated travel and expense management solutions, Concur is trusted by more than 15 million people to help them manage their business travel and expenses. TripIt is the preferred way that millions of people organise their travel, and make their lives easier, by forwarding their confirmation emails to to instantly create a master itinerary they can access on the web or mobile phone. Both Concur and TripIt are augmented by an open platform that integrates mobile and web services plus content and technology from thousands of partners, suppliers and developers. The combination of Concur and TripIt delivers additional value to existing clients and travellers while helping to expand the addressable market for Concur’s services by reaching a new class of travellers previously unaddressed by traditional managed travel solutions.

“This is great news for the millions of travellers who trust TripIt as a better way to manage travel and the hundreds of third party developers who are a part of the TripIt API ecosystem. Together with Concur, we can move even faster to realise our vision of making travel easier for even more people and companies around the world,” said Gregg Brockway, TripIt co-founder and president.

“It’s also a testament to the passion, hard work, and commitment to excellence the entire TripIt team has demonstrated since day one to be the best at solving tough travel problems to help improve the lives of travellers everywhere.”

Details Regarding the TripIt Acquisition

Concur has signed a definitive agreement to acquire TripIt for approximately US$27 million in cash and approximately US$44 million in Concur stock at closing, plus a contingent cash amount settled upon 30 months from closing of up to approximately US$38 million, subject to certain adjustments and escrow provisions set forth in the definitive agreement. As part of the acquisition, Concur will exchange unvested TripIt options into Concur restricted stock units having an aggregate value of approximately US$11 million at closing. All components of consideration bring the total deal value to as much as US$120 million. However, there is no payment of the contingent cash amount if the value of the approximately US$44 million of stock consideration issued exceeds approximately US$82 million during the 30 month period following closing, subject to limitations. In addition, individual holders of the approximately US$44 million in stock consideration will lose their rights to payment of the contingent cash amount if they sell their holdings of such stock. Though the payment of the contingent cash amount is uncertain, the maximum contingent cash amount to be paid, if any, at the end of the 30 month period is approximately US$38 million. The contingent cash amount will be recorded as a liability at fair value and marked-to-market each quarter through GAAP earnings. The acquisition of TripIt is expected to close in our second quarter of fiscal 2011 and to be dilutive to our pro forma operating margin for fiscal 2011. Concur will provide more details in early February on our earnings conference call for the first quarter of fiscal 2011.

Concur was advised by Credit Suisse Securities (USA) LLC and Fenwick & West LLP, and TripIt was advised by Deutsche Bank Securities Inc. and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP on the transaction.

Concur Hosting Conference Call

Concur yesterday hosted a conference call to discuss the acquisition of TripIt. Hosting the call from Concur was Steve Singh, Chairman and Chief Executive Officer, Frank Pelzer, Chief Financial Officer, and John Torrey, Executive Vice President, Corporate Development.

A webcast replay of the conference call, accompanied by presentation slides, is available for the next month at A phone replay will be available by dialing (706) 645-9291 (International) and referencing Conference ID Number: 36300773.