Concur, a leading global provider of integrated travel and expense management solutions, on Monday said that it has picked-up a significant minority stake in domestic online travel company, Cleartrip, for $40-million."We have picked-up a minority stake in Cleartrip, marking our entry into the Indian travel market which we feel will grow exponentially over the next several years. We will support Cleartrip in sales, marketing, business development and customer support," said Concur's Chairman and CEO Steve Singh. Both the companies did not disclose the stake picked-up
by Concur in Cleartrip.
Steve Singh will join Cleartrip's Board.
Concur and Cleartrip through their partnership will target the rapidly-burgeoning Indian corporate travel segment, Singh said.
Concur is a $300-million company (in revenue terms) with 15,000 customers and growing at between 18-25 per cent per annum, he said.
Concur zeroed-in on Cleartrip for a partnership as the latter had the right management team, a long-term business view and the right business model.
"Besides, it is a fast-growing company, growing at 100 per cent a year," Singh said.
