On April 11, 2013 Concur Technologies, Inc. (CNQR - Analyst Report) announced its new global partnership with Egencia, the business travel division of Expedia Inc. (EXPE - Analyst Report). The strategic partnership is aimed to deliver an integrated travel and expense management service, making the process faster, easier and more accurate for mutual customers. Concur's existing platform of integrated travel and expense management solutions will be leveraged for this purpose.
Expedia is one of the world's leading travel services companies. The company provides wholesale travel services to offline retail travel agents and also operates as an online travel company providing travel products and services to leisure and corporate travelers.
Concur is the world's leading provider of on-demand corporate expense management services. Concur's end-to-end corporate travel and expense management service seamlessly unite online travel booking with automated expense reporting. This strategic decision of co-generic partnership is expected to benefit both the companies.
Concur’s Open Booking and expense management service will be combined with Egencia’s corporate travel booking and trip management services. Trips booked and managed by Egencia will automatically be added to Concur’s expense. Itinerary details, e-receipts and credit card charges will all be matched to produce complete expense reports.
Currently, the service has been made available in the United States and Canada. The service will be made available to customers in the rest of the world later this year. Both the companies are optimistic about this partnership. They feel that the introduction of a combined service will make expensing business travel easier and faster for client companies who plan business travels, book and manage trips through Egencia and manage expenses with Concur.
Concur currently holds a Zacks Rank #3 (Hold). Other notable players in the industry include Blackbaud Inc (BLKB - Snapshot Report) and Netsol Tech Inc (NTWK - Snapshot Report), each having a Zacks Rank #1 (Strong Buy).