TripIt, the popular website for consolidating your trip details, just announced that it has been acquired by travel and expense management company Concur for a deal worth up to $120 million.
In a blog post about the deal, Tripit president and co-founder Gregg Brockway said that the startup will continue to offer Tripit products and operate out of its San Francisco offices. The only difference, he said, is that TripIt now has access to the resources of Concur, a publicly-traded company used by more than 10,000 businesses and 15 million people. Brockway writes:
I’m invigorated. I see this as a new beginning. We climbed up the hill to this point, but we’re not resting on our laurels. There are more opportunities, challenges, and adventures ahead. With Concur we’ll expand our presence among current customers, tackle the unmanaged travel space, reach out to new geographies, and go where no travel company has gone before. Watch us.
According to the deal terms, Concur agrees to pay TripIt $27 million in cash and $44 million in stock initially, with provisions to pay up to $38 million more over the next 30 months.
TripIt raised $13.1 million in funding from Azure Capital Partners, O’Reilly AlphaTech Ventures, and others. Brockway says that the service (which starts out free but offers paid features like real-time flight alerts) currently has “millions” of users.