SAP acquired travel and expense platform Concur is said to make its own acquisition by buying Hipmunk, the travel search startup.
The companies are not disclosing the terms of the deal as yet. Hipmunk had raised around $55million since its inception in 2010 but hasn’t been evaluated sky high ever. The major investors included Ignition Partners, Institutional Venture Partners, Nokia Growth Partners, Oak Investment Partners, SV Angel, Webb Investment Network, and a bevy of angels such as Automattic’s Matt Mullenweg and actor Ashton Kutcher. There have been speculations on how this deal would mature given that it was once valued at $96million in 2014 by PitchBook. Hipmunk had also picked up $7.5million around the month of April.
Concur has acquired various other startups to bump up its practicality including Triplt to track and share your travel plans.
The deal for Hipmunk is expected to close in 2016. “We are excited to welcome Hipmunk, the innovation leader in travel search, to the Concur and SAP family,” said Elena Donio, President of Concur, in a statement. “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 competes Orbitz, Expedia, Kayak, and Travelocity.
“Six years ago, our vision was to take the agony out of travel and travel planning,” said Adam Goldstein, co-founder and CEO of Hipmunk. “This combination means we can do an even better job for frequent travelers, in both their leisure and business travel.”
Concur’s move to incorporate more talent would able the trailblazer to develop new features now.
Source: Techcrunch
