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Cleartrip.com sells minority stake for $40 mn to US-based travel solutions provider Concur

US-based integrated travel and expense management solutions provider Concur has invested $40 million for a minority stake in Cleartrip.com. Besides this, both the companies have entered into a strategic alliance for a marketing partnership. According to Concur, this alliance perfectly aligns with the company’s strategic initiatives to expand its existing customer base while also expanding into new geographic markets, including Concur’s new operations in India.

US-based integrated travel and expense management solutions provider Concur has invested $40 million for a minority stake in Cleartrip.com. Besides this, both the companies have entered into a strategic alliance for a marketing partnership. According to Concur, this alliance perfectly aligns with the company’s strategic initiatives to expand its existing customer base while also expanding into new geographic markets, including Concur’s new operations in India.

“India’s economy is fuelling a travel sector that is expected to grow to over $20 billion by 2012. Cleartrip has established itself as a leading online travel portal serving this market. As a global technology provider, we understand that it’s critical to focus on the local needs of each market in which we operate. 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 travellers in India,” Steve Singh, chairman and chief executive officer, Concur has said.

Sandeep Murthy, chairman, Cleartrip said, “Cleartrip’s partnership with Concur presents a very exciting strategic opportunity to better benefit the Indian business travel market. Cleartrip has built a broad and loyal base of customers who value our simple and smart approach to travel. As a strategic partner of Concur, we will together drive this dynamic category, by helping Indian businesses of all sizes achieve new levels of efficiency in travel and expense management, through enhancements in technology and product offering as well as superior service.”

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