Concur Technologies Inc. (CNQR) revealed its next generation mobile solution for travel and expense management of employees. The new technology, unveiled at the NBTA convention at Houston, enhances the travel and expense management flexibility of the mobile work force.
With this next generation mobile solution, Concur provides an extended platform for customers, partners and suppliers, where they can work together in an efficient supply chain. The use of social media and location based services with mobile computing provides a better means of interaction for the employees, who with the new technology will spend comparatively lesser time with logistics.
As a part of its next generation travel program, the company also introduced new mobile APIs and Web services. These services allow partners and other third party developers to integrate their mobile applications into Concur.
These new developments undertaken are part of the company’s partner program, Concur Connect. Concur’s partners associated with this program, who will be extending their mobile applications to the program, are Amtrak, Mobiata, GateGuru, Kinevia, OAG, Open Table and Taxi Magic.
The new system will help the customers to view, hold, reserve and purchase Amtrak rail travel from a smartphone, find about domestic and international flights schedules, book air tickets, and also make reservations at restaurants. Among a number of other facilities, the travelers can also book taxis and shuttle in a metropolitan.
With so many facilities on a single platform, the new system can really make the life of mobile workforce simpler. Concur’s mobile solution with all these applications can be downloaded from iTunes, BlackBerry App World and Android mobile.
The company sees substantial growth opportunities in the next five years, including growth in customer base in markets currently served, geographic expansion, and addressing the emerging business sector. The company’s third-quarter revenue reached an all time high of $75 million, led by faster-than-expected deployments of new customers, and in part, by strong transaction volume. Though the company expects its fiscal 2010 revenue to increase by 18% year-over-year, it maintains a cautious stance as the economic recovery continues to take shape.
Concur depends upon strategic relationships with third parties, as such its revenues will decline if it is unable to sustain and develop these relationships. Major competitors of the company are Compuware Corp. (CPWR), Oracle Corp. (ORCL) and SAP AG (SAP).
Concur Technologies is a provider of business services that automate the processes involved in the management of corporate expense. The company focuses on reducing costly and inefficient expense processes in businesses of all sizes by streamlining the reimbursement processes, reducing operating costs, improving internal controls, and enabling customers to apply greater insight into their spending patterns through analytics.
We currently maintain our long-term Neutral recommendation on Concur, with a short-term Zacks #3 Rank (Hold).
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