Steve Singh, co-founder of Concur, and a group of firms have fully acquired the corporate travel agency Direct Travel. They are planning to release a new platform later this year that combines technologies from Direct Travel and three other startups that Singh has a stake in. The group includes Durable Capital Partners, Madrona Ventures, Top Tier Capital Partners, and Blackstone Credit & Insurance. Price and terms of the deal were not disclosed, but Singh is now the executive chairman of Direct Travel, and Christal Bemont is the CEO. Direct Travel was founded in 2011 and has about 1,800 employees, with over 4,500 clients generating over $300 million in revenue annually.
The plan is to release a platform for Direct Travel customers that integrates technologies and services from all four companies, with each company continuing to operate independently. Spotnana, Troop, and Center are the other startups involved in the acquisition. Spotnana is focused on rebuilding the infrastructure of corporate travel agency bookings, Troop helps with planning, booking, and managing logistics for in-person meetings, and Center provides expense management and corporate cards. The single platform will also include AI integrations, such as a trip planner and a way to automatically deliver options in response to travel disruptions.
Singh believes that the corporate travel industry is due for a transformation and that there is an opportunity for a next-generation travel management company to emerge as a leader. The current industry operates on legacy technology stacks and disjointed experiences, and Singh sees an opportunity to displace existing technology providers with a new, more innovative platform. His long-term vision is to create “the perfect trip” or “the connected trip” where all travel companies involved in a trip have easy access to the traveler’s data.
The vision behind the plans is to create a more seamless and connected travel experience for travelers by having all travel companies involved in a trip easily access the traveler’s data. This would enable a traveler to make changes directly with the airline rather than needing to go through the agency. The coming platform will be built with an open technological infrastructure, allowing clients to connect third-party software and customize their own suite of products. Singh believes that the key to innovation in the travel industry is being willing to break away from existing models and innovate on behalf of customers and suppliers.
Overall, Steve Singh and a group of firms have acquired Direct Travel and plan to release a new platform that integrates technologies from multiple startups. Their goal is to transform the corporate travel industry and create a more seamless and connected experience for travelers. By leveraging AI technology and an open technological infrastructure, they hope to displace existing technology providers and emerge as leaders in the space. Singh’s long-term vision is to create “the perfect trip” where all travel companies involved have easy access to traveler data, enabling a more efficient and personalized travel experience.
