San Francisco: Uber Technologies Inc. struck a deal with Concur Technologies Inc., a travel and expense management company, that will make it easier for companies to create Uber accounts for employees and track their spending.
Expanding on a two-year-old partnership, Uber will integrate its technology within Bellevue, Washington-based Concur’s platform, making it easier for clients to use the ride-hailing service, especially large corporate customers with a lot of travel expenses, according to a blog post by Uber on Monday. The product will be available in the fourth quarter.
“I’ve been working on this relationship for two years; we finally found a really killer product integration,” said Emil Michael, Uber’s senior vice-president for business.
While Uber is far ahead of its biggest rival Lyft Inc. in securing corporate travel, it was recently sidelined when Apple Inc. chose Lyft as its official partner for business trips.
Concur’s average corporate customer expenses about $1 million in ground transportation annually and of that, about 7% is with Uber, according to the blog post.
“We’ve seen almost 230% growth in Uber transactions in the past year and with this integration we expect to see that growth accelerate as we help companies leverage the benefits of Uber as part of their travel program,” Elena Donio, president of Concur, a unit of Germany’s SAP AG, said in a statement.
Concur’s corporate Uber clients include Goldman Sachs Group, Morgan Stanley and McKinsey & Co., Michael said.
Separately, Uber said it has hit a milestone of 2 billion trips, less than seven months after reaching 1 billion rides. Uber, which was last valued at almost $68 billion, has raised more than $15 billion in debt and equity.
Uber started off as a black car service before rolling out UberX, the ride sharing service that it has made it the most valuable startup. Since its early days, Uber has been popular among business travelers.
Today, business travelers spend more money on Uber than taxis, according to recent data from Certify, a travel and expense reporting service. In March, Certify pegged taxis’ business travel market share at 27%, while Uber had 69%. Bloomberg