Concur Technologies has been making a number of strategic bets in the online travel business in recent months, gobbling up TripIt for $120 million and making a $40 million investment in India’s online travel site Cleartrip. Now, a Seattle upstart is the beneficiary of Concur’s new interest.
Yapta, the online travel Web site that allows consumers to track flights and then receive refunds on airline tickets if prices drop after purchase, has raised $5 million in a strategic investment from Concur.
“We are excited about this development as Yapta continues to grow its business among corporate travelers through partnerships with companies like MasterCard, and Concur is a recognized SaaS provider for expense management/travel services in the corporate space,” Yapta CEO Tom Romary said. “Yapta will continue to provide tools, services and information to help travelers get the best value out of their travel spend.”
Romary, a former Alaska Airlines and RealNetworks marketing VP, added that the new cash would be used to enhance the price tracking and price assurance services in the corporate arena and to build out new distribution channels. As part of the deal, Concur also has agreed to use Yapta’s airfare price tracking services for its TripIt Pro users.
“In today’s economic environment, travelers are looking to get the best value from their travel spending,” said Rajeev Singh, president and COO at Concur, in a release. “Many travelers aren’t even aware that that they could be eligible for a refund on their flight if the fare drops. Concur has a great opportunity with Yapta to help travelers using TripIt Pro to capture the airfare savings that they deserve.
Concur, which makes online tools to automate travel and entertainment expense management, has been making a number of strategic investments and purchases recently. It boasts a market value of $2.6 billion.
Previous backers of Yapta — which has raised $13.8 million to date — include Voyager Capital, First Round Capital and Bay Partners. The company employs more than 20 people.