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Concur sees itself as reinventing corporate travel, with the rest of the industry following along. The company is indeed doing some transformational things, but the rest of the industry hasn’t exactly signed off on it all yet.
Concur saw strong customer demand in what CEO Steve Singh characterized as an “exceptional” first quarter, although investments in its platform contributed to widening losses.
In the travel expense-management company’s 2014 fiscal first quarter, which ended December 31, Concur says it added 1,000 customers, but its net loss widened to $24.2 million, from $12 million in the red a year earlier.
Concur’s quarterly revenue increased 32.8% to $163.07 million, driven by adding new customers.
The company was very bullish about the results, which exceeded expectations for earnings, revenue and cash flow.
“We couldn’t be happier with Q1,” Steve Singh said.
In fact, Concur, which notched $545.8 million in revenue for fiscal year 2013, should exceed $1 billion in revenue in the next few years, attracting business from small and medium-size companies, as well as individual business travelers, said COO Rajeev Singh during the Concur’s earnings call January 29.
Steve Singh argued that Concur is “reinventing” corporate travel as it provides a platform for corporations, travel management companies and business travelers to book and manage their travel, and report and track expenses through its cloud-based solutions on the Web and mobile.
“We believe we will begin leading the entire industry toward the perfect trip,” Rajeev Singh chimed in.
In addition to adding 1,000 customers to its platform during the December quarter, Concur says it now has 500 companies using TripLink, its open booking platform.
And, Concur’s government travel platform is now being piloted or is in production with 10 government agencies, although the revenue impact would be minimal for fiscal 2014 Concur says.