Travel and expense management firm Concur announced an acquisition this week in an effort to bolster Concur’s travel search capabilities.
According to TechCrunch on Wednesday (Sept. 14), Concur secured a deal to purchase Hipmunk. While financial details of the transaction weren’t made public, reports said Hipmunk has raised about $55 million in investment since 2010, with its last valuation in 2014 landing at around $96 million.
Hipmunk’s travel search capabilities will integrate into Concur’s travel and expense management platform. The companies expect to close the deal sometime before the end of the year.
“We are excited to welcome Hipmunk, the innovation leader in travel search, to the Concur and SAP family,” said Concur President Elena Donio in a statement announcing the takeover. “Concur has always strived to provide the best experience for travelers on our platform, and we’re confident Hipmunk will continue to delight consumers, while informing the innovation agenda for our corporate clients.”
Hipmunk Cofounder and former CEO Steve Huffman also founded Reddit, reports noted.
Concur, meanwhile, was acquired itself by SAP in 2014 for $8.3 billion. Since, Concur has made a string of partnerships to strengthen its position in the corporate travel and expense management landscape.
Most recently, the firm revealed a collaboration with China-based Didi, rival to Uber, to streamline data from corporate users of Didi into the Concur T&E platform. Earlier this year, Concur also secured a deal with hotel solutions company HRS to be able to accept virtual card payments to its hotels when booked through Concur.