Global leader in integrated travel and expense management, Concur Technologies Inc. (CNQR - Analyst Report), recently strengthened its travel management business by acquiring TRX Inc. for an undisclosed amount. The acquisition is expected to benefit the entire travel ecosystem of its customers.
TRX is one of the leading providers of travel data and mid-office technology solutions to travel management companies ("TMCs"). Most of these data are utilized by TMCs to increase analytics capabilities for customers.
TRX also assists corporate travel managers to control their managed travel program. Moreover, TRX provides its customers with a summary of transaction that occurred outside a managed travel program by gathering data records from numerous sources including credit card issuers and networks, back office travel systems, hotel suppliers and airlines.
Apart from helping Concur to strengthen its core business operations, TRX is also likely to assist it in diversifying its core businesses. Furthermore, TRX operates business process outsourcing and call center business units. Concur intends to continue serving customers in these units, while identifying a strategic partner to provide enhanced operations.
The acquisition is expected to assist Concur’s TMC clients to seamlessly link with their suppliers, technology providers, corporations, and travelers for an integrated online travel booking with automated expense reporting.
Concur currently carries a Zacks Rank #2 (Buy). Some other stocks within the sector worth mentioning include Aspen Technology Inc. (AZPN - Snapshot Report), ACI Worldwide, Inc. (ACIW - Snapshot Report) and Cadence Design Systems Inc. (CDNS - Snapshot Report), each carrying a Zacks Rank #1 (Strong Buy).