Concur CEO Steve Singh appears to be taking a page out of the Amazon.com playbook, investing heavily in the growth prospects of the Redmond maker of travel and entertainment expense management software. The company today said that its revenues increased 23 percent during the most recent quarter to $95.2 million, and that annual revenue hit $349.5 million.
Even so, the company swung to a net loss during the fiscal fourth quarter, in part due to accounting impacts related to its acquisition of TripIt. The company lost $14 million during the most recent quarter, and $10.7 million for the year.
As a result, shares of the company tumbled more than five percent in after-hours trading.
But Singh — who dubbed Q4 “an exceptional quarter” and one of the best demand environments they’ve seen in years — believes there’s a great opportunity to bolster the business.
“In order to capitalize on the robust demand environment, we will significantly ramp our investments across the business,” Singh said. “We expect to double our distribution capacity over the next 24 months, drive the innovation curve in our industry and set the standard for world-class service.”