SAP AG (SAP) Subsidiary to Acquire Hipmunk

September 13, 2016 4:45 PM EDT

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Concur, an SAP (NYSE: SAP) company, announced that it has signed a definitive agreement to acquire Hipmunk, a leader in travel search innovation. The Hipmunk team and their innovations will further Concur's strategy to deliver consumer-grade products to corporate customers. The transaction is expected to close in October 2016.

As evident in Concur's acquisition of TripIt, development of ExpenseIt and investment in ClearTrip, Concur has a long-held strategy of partnering with, investing in, acquiring or building consumer apps. These investments yield learnings and capabilities that enable Concur to ultimately deliver consumer-grade products to corporate customers.

"We are excited to welcome Hipmunk, the innovation leader in travel search, to the Concur and SAP family," said Elena Donio, President of Concur. "Concur has always strived to provide the best experience for travelers on our platform and we're confident Hipmunk will continue to delight consumers while informing the innovation agenda for our corporate clients."

Hipmunk is known for delivering some of the most innovative functionality in the travel industry, particularly features and functionality that are highly relevant to and beloved by frequent travelers. The company was the first to create a website and mobile app that sorts travel results not just by price, but also key factors that are important to business travelers such as duration, stops and hotel location. Additionally, its calendar integration and hotel map search allow business travelers to easily see the best hotel and flight options based on meeting time and location. Lastly, Hipmunk is a leader in the cutting edge space of artificial intelligence-powered travel search and travel bots.

"Six years ago, our vision was to take the agony out of travel and travel planning," said Adam Goldstein, co-founder and CEO of Hipmunk. "This combination means we can do an even better job for frequent travelers, in both their leisure and business travel."

"This deal brings together two travel technology companies known for their commitments to innovation and creativity. The travel landscape continues to evolve with the pace of technology, a new generation of travelers, and a fluctuating global economy – factors that have a profound impact on how consumer and business travelers behave," said Henry Harteveldt, Founder of Atmosphere Research. "This acquisition positions Concur and Hipmunk well to remain both market leaders and disruptors, furthermore, helping them stay ahead of the trend for a more personalized experience in both leisure and business travel."

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