Nasdaq-listed travel company Concur has agreed to buy peer TripIt for up to $120m.
TripIt had raised $13.1m from a consortium led by publishing group O’Reilly Media’s corporate venturing unit, O’Reilly AlphaTech Ventures, which had provided the initial $1m seed round in 2007. TripIt’s other syndicate partners include travel group Sabre, which owns the Travelocity comparison service, and venture capital firms Azure Capital and European Founders Fund.
Concur is paying $27m in cash and about $44m in its stock at closing of the acquisition of TripIt, plus a contingent cash amount settled 30 months from closing of up to approximately $38m. Concur will exchange unvested TripIt options into Concur restricted stock units having an aggregate value of about $11m at closing.
Investment bank Credit Suisse is advising Concur on the deal, with legal counsel from Fenwick & West. Deutsche Bank and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian are helping TripIt in the same respective roles.