Skift Take
Steve Singh believes corporate travel is ready for new technology, and he believes the right company can displace the old ones.
Steve Singh, co-founder of Concur, and a group of firms have fully acquired the corporate travel agency Direct Travel. And they're planning to release a new platform for customers later this year that combines several new technologies from Direct Travel and three other startups that Singh has a stake in.
The group — which includes firms Durable Capital Partners, Madrona Ventures, Top Tier Capital Partners, and Blackstone Credit & Insurance — have purchased the company from the private venture capital firm Antares Capital and other debt providers, Singh said.
Price and terms of the deal were not disclosed.
Singh, managing partner of Madrona Ventures, is now executive chairman of Direct Travel.
Christal Bemont, who spent nearly 16 years at SAP Concur, most recently as chief revenue officer, is now the CEO of Direct Travel. As part of the deal, Ed Adams is retiring from his role as CEO of Direct Travel.
This is the second big corporate travel agency acquisition announcement recently. Amex