Concur Technologies buys stake in Cleartrip
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Money management software maker Concur Technologies Inc said it bought a minority stake in Indian online travel portal Cleartrip for US$40 million to expand into the country’s booming travel market. The deal includes a marketing partnership through which Concur’s products will help Cleartrip’s clients generate travel and expense reports. “India’s economy is fueling a travel sector that is expected to grow to over US$20 billion by 2012,” Concur’s Chief Executive Steve Singh said in a statement. Sandeep Murthy, Chairman – Cleartrip said, “Cleartrip’s partnership with Concur presents a very exciting strategic opportunity to better benefit the Indian business travel market.”The company plans to leverage Indian domestic travel content, including air, hotels and rail, available through Cleartrip.
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