Concur, which itself was acquired by software giant SAP for $8.3 billion in 2014, did not reveal the financial terms of the transaction but said the deal is expected to close in October 2016. The company already owns TripIt and has an investment in ClearTrip.
SAP-owned Concur has agreed to buy Hipmunk
Hipmunk, which was founded in 2010, searches for flights, hotels, rental cars and vacation packages and is known for delivering innovative functionality in the travel industry. Its website and app sort travel results by price as well other factors important to business travellers, such as duration, number of stops and hotel location.
Additionally, its calendar integration and hotel map search allow business travellers to find the best hotel and flight options based on meeting time and location.
Adam Goldstein, co-founder and CEO of Hipmunk, said:
“Six years ago, our vision was to take the agony out of travel and travel planning. This combination means we can do an even better job for frequent travelers, in both their leisure and business travel.”
Hipmunk has reportedly raised nearly $55 million in funding since it was founded in 2010. The company is backed by investors including Ignition Partners, Institutional Venture Partners, Nokia Growth Partners, Oak Investment Partners, SV Angel and Webb Investment Network.