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Concur to buy TripIt for around $120 million |
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Concur, a company that provides integrated travel and expense management solutions, has acquired privately held TripIt, a firm providing mobile trip management that helps travelers easily organize and share travel plans irrespective of where they book.  The transaction is said to be valued at around $120 million, with approximately $82 million in upfront cash, stock and unvested restricted stock units, and additional consideration over time.Concur will pay approximately $27 million in cash and around $44 million in Concur stock at closing, plus a contingent cash amount settled upon 30 months from closing of up to approximately $38 million. It will also exchange unvested TripIt options into Concur restricted stock units of approximately $11 million at closing. This brings the total deal value to around $120 million. The company expects the transaction to close during the second quarter of fiscal 2011 and anticipates it reduce its operating margin. |
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