Concur Spearheads Investment in FareIQ, Yapta’s Corporate Airfare Price Tracking Technology
Seattle, WA – July 24, 2013 – Yapta, the developer of FareIQ, the corporate travel industry’s only independent airfare price tracking solution, today announced that it has closed a $4.2 million Series D funding round with the option to raise an additional $2 million over the next 90 days. The financing round was led by Concur (Nasdaq: CNQR), the leader in integrated travel and expense management solutions, through the Concur Perfect Trip Fund.
“This funding will enable us to build upon our investment in FareIQ, further strengthening our position as the industry leader in Intelligent Price Tracking™ for corporate airfare,” said James Filsinger, CEO of Yapta. “Not only will we be able to expedite sales and the implementation cycles for our customers, but we will enhance our sales and marketing efforts and pursue other opportunities in corporate price tracking.”
FareIQ’s patent-pending Intelligent Price Tracking™ technology provides in-depth, 24×7 analysis and insights into corporate airfares, spotlighting opportunities to re-book tickets at lower prices, saving corporations crucial T&E dollars on a daily basis. The solution integrates seamlessly with agents’ workflow by dynamically monitoring pricing on individual passenger name records (PNRs) that are placed on a queue by the corporation or its travel management company. Upon recognizing a savings opportunity, FareIQ immediately issues a series of messages, including email alerts, a FareIQ web portal notification, and remarks posted directly in the PNR, that enables those savings to be acted upon by an agent or a travel manager. To date, FareIQ customers have saved a combined total of more than $1 million in airfare.
“The Yapta team has done an excellent job of building and servicing the FareIQ customer base consisting of high-profile enterprise organizations and leading travel management organizations,” said John Torrey, Executive Vice President, Corporate Strategy at Concur. “Our additional investment in Yapta will enable the organization to build upon their initial success and continue to bring airfare price tracking to the forefront of travel management best practices.”
Yapta is a pioneer in airfare price assurance services for travelers, and the developer of FareIQ, the corporate travel industry’s only independent airfare price tracking solution. Launched in 2007 as the travel industry’s first airfare price tracking and refund alert service, Yapta quickly gained more than 1 million registered members and delivered more than $450 million in airfare savings alerts to consumers. Today, Yapta’s technology is helping companies with heavy travel volumes reduce their spend and extend their T&E budget by constantly tracking booked airfares and flagging lower rates when they become available. For more information about Yapta, visit www.yapta.com. To learn more about FareIQ, visit fareiq.yapta.com.