|By Business Wire||
|November 13, 2013 07:00 AM EST||
Yapta announced today that it has raised an additional $2 million in funding as part of its Series D financing round. Amadeus, a leading provider of advanced technology solutions for the global travel industry, led the additional close. Concur (Nasdaq: CNQR), the leader in integrated travel and expense management solutions, also participated through the Concur Perfect Trip Fund.
In July, Yapta announced that it had closed $4.2 million in Series D financing, led by Concur. This additional close brings Yapta’s Series D financing to $6.2 million and its total financing to more than $20 million.
“Our team has done a terrific job of penetrating the corporate travel space, building a stable of key enterprise customers and reseller partners, and delivering on our promise of unprecedented airfare savings,” said James Filsinger, President and CEO of Yapta. “Our Series D financing will help us scale our efforts on all fronts – from technical development to sales and marketing – enabling Yapta to help even more companies save on their travel spend.”
Yapta’s patent-pending Intelligent Price TrackingTM technology, FareIQ, provides in-depth, 24x7 analysis and insights into corporate airfares, spotlighting opportunities to re-ticket identical itineraries 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.
"Our organization is always on the lookout for innovative technologies that usher in a fresh approach to traditional travel processes," said Katherine Grass, Head of Amadeus Ventures. "Yapta's airfare price tracking technology is having a real impact on travel procurement practices by enabling corporate travel organizations to get a better handle on fluctuating airfare prices and to drastically cut costs. We're proud to help fuel Yapta's growth and to foster the uptake of dynamic airfare price tracking across the enterprise."
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.
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