Shares of Concur Technologies Inc (CNQR) rose 0.6% on Wednesday following the company’s announcement about investment in San Francisco-based Visage Mobile Inc. The investment is part of the company’s Concur Perfect Trip Fund.
With this investment Concur expects to address its customers’ needs for innovative tools that are vital for managing business travel expenses. The deal is of strategic importance for business travel, expense management and mobility.
This investment will enable Visage to develop cost management tools for business travelers. Mobile usage and business travel have a significant correlation. Increased mobility provides scope for more business travel, thereby leading to more mobile expenses. Visage aims to develop and execute an effective mobile program for optimizing such expenses, while enhancing the customer’s travel experience.
Prior to this, Concur and Visage together had taken a couple of strategic initiatives to integrate their core expense products, leading to the launch of Visage MXP, an automated expense solution supporting the growing demand for Bring Your Own Device (:BYOD) mobility.
Visage Mobile, is a SaaS Enterprise Mobility Management (EMM) solution provider which uses data and analytics to address the challenges of the Mobile Management industry. The core software of Visage is Mobility Central that integrates the spend data on mobile utility along with the customers and the devices used to provide improved cost-efficiency, competitiveness and productivity in the wireless industry.
Concur Perfect Trip Fund has nine other emerging firms in travel and expense industry as its members. Concur’s main aim behind this fund is to create a healthy ecosystem that can provide a global platform for innovative concepts in business travel industry. This ecosystem is build upon Concur’s open platform T&E Cloud, which gives better insight and thereby supports in managing business travel expenditure.
Concur currently carries a Zacks Rank #3 (Hold). Other stocks within the sector worth mentioning include Dassault Systems SA (DASTY) and Dealertrack Technologies, Inc. (TRAK), both of which carry a Zacks Rank #1 (Strong Buy), and Advent Software, Inc. (ADVS), which carries a Zacks Rank #2 (Buy).