Concur Acquires TRX, Inc.
Bellevue, Wash., July 16, 2013 –Concur (Nasdaq: CNQR), the global leader in integrated travel and expense management, today announced it acquired TRX, Inc., a leader in travel data and Travel Management Company (“TMC”) mid-office technology solutions. (Press Release on Concur.com)
Based in Atlanta, TRX offers solutions that enhance TMC efficiency through automation while also providing TMCs with a powerful data and analytics capability for their customers. These products lead to a higher level of service for TMC customers, while giving corporate travel managers the tools they need to gain increased control and visibility over their managed travel programs. By consolidating data records from a variety of sources, including credit card issuers and networks, back office travel systems, hotel suppliers, airlines, and GDSs, customers have a more accurate view of their total travel spend – including transactions that happen outside a managed travel program.
In addition to its analytics and mid-office solutions, TRX operates business process outsourcing and call center business units that are not aligned with Concur’s strategies. Concur plans to continue operating these business units and serving related customers while conducting a process to identify strategic partners that are better positioned to support the ongoing operations.
The terms of the acquisition were not disclosed. Concur plans to provide updated guidance on July 31, 2013 when it reports financial results for the fiscal 2013 third quarter and conducts its regularly scheduled conference call.
Fairmount Partners provided financial advisory services to TRX and rendered a fairness opinion in connection with the transaction.
Concur is a leading provider of integrated travel and expense management solutions. Through Concur’s open platform, the entire travel and expense ecosystem of customers, suppliers, and developers can access and extend Concur’s T&E cloud. Concur’s systems adapt to individual employee preferences and scale to meet the needs of companies from small to large. Learn more at www.concur.com or the Concur blog.
TRX, Inc. is a global leader in data, software and solutions, primarily in the travel industry. TRX solutions help the world’s top travel agencies, governments and corporations save money and increase efficiency. TRX technology adds visibility and value to travel programs through data intelligence, process automation, and a host of related software and mobile solutions. For more information on TRX products and services, visit www.trx.com or call +1 (404) 929-6100.
About Fairmount Partners
Fairmount Partners is one of the largest investment banking groups in the Mid-Atlantic region. The firm specializes in advising middle-market growth companies with mergers and acquisitions, capital raising and strategic advice. Fairmount offers deep expertise in technology and related markets, including Software and SaaS, Internet, Wireless and Enterprise Mobility, and New Media. In addition, Fairmount has a long track record of serving clients in the Healthcare, IT and Business Services, and Industrial and Consumer markets. Fairmount has completed transactions throughout North and South America, Europe, Asia, and Australia. For more information, visit: www.fairmountpartners.com.
Principals of Fairmount Partners acted as advisors to TRX, Inc. in this transaction.