Colorado-based corporate travel management company Direct Travel Inc has new owners.
The founder of Concur Steve Singh has led a group of partners to purchase the TMC.
Direct Travel was founded over a decade ago and generates about $300 million in annual revenue.
It has a workforce of 1,800.
SAP acquired Concur for $8.3 billion in 2014.
Ex SAP Concur chief revenue officer Christal Bemont is the new Direct Travel CEO.
Singh will be the corporate travel management firm’s executive chairman.
Investors partnering in the acquisition of Direct Travel are Durable Capital Partners, Madrona, Top Tier Capital Partners, and Blackstone Credit & Insurance.
No financial details of the deal have been disclosed.
The acquisition, announced Tuesday, has gone through regulatory review and been finalized.
Direct Travel will collaborate closely with three travel tech firms: Spotnana, expense management platform Center; and Troop, a group meetings and events company.
Singh is executive chairman at all three firms.
