Concur, a travel and expenses services subsidiary of enterprise software producer SAP, agreed yesterday to acquire Hipmunk, a US-based travel comparison platform backed by communications technology provider Nokia, for an undisclosed sum.
Founded in 2010, Hipmunk has built a website and app that enable customers to compare costs for flights, trains, hotels and holiday rental homes. It recently introduced an artificial intelligence-based service called Hello Hipmunk that sends instant booking recommendations to users.
Concur will use Hipmunk’s technology, and particularly its calendar integration and hotel map search, to expand the services it provides to businesses. The deal is expected to close next month.
Nokia Growth Partners, Nokia’s corporate venturing arm, invested an undisclosed amount in Hipmunk in October 2014, five months after Institutional Venture Partners, Ignition Partners and undisclosed existing angel investors provided $20m in a series C round that boosted its total funding to $40m.
The company raised $9m in July 2014 and $5.7m in May this year, according to regulatory filings. Its other past backers include Oak Investment Partners, Y Combinator, SV Angel and Webb Investment Network.
Elena Donio, president of Concur, said: “Concur has always strived to provide the best experience for travellers on our platform and we are confident Hipmunk will continue to delight consumers while informing the innovation agenda for our corporate clients.”