Nor1 Secures $9 Million in Series B Funding Led by Concur
Santa Clara, CA – December 18, 2012 – Nor1, the technology leader in upsell solutions, announced today that it has secured $9 Million in Series B funding led by new investor Concur (NASDAQ: CNQR), a leading provider of integrated travel and expense management solutions. The additional money will provide Nor1 with funding for continued growth through product innovation and market expansion.
As part of the strategic investment, Concur and Nor1 have entered into an alliance agreement, under which Concur will use Nor1’s eStandby Upgrade™ solution to make hotel upsell offers available to their business travel customers. Millions of travelers each year request eStandby Upgrades from thousands of Nor1’s partner hotels including the many properties of Hilton, Hyatt, Carlson Rezidor, InterContinental and Kimpton Hotels. The parties have also agreed to integrate Nor1’s upsell solutions with TripIt™, the leading mobile travel organizer from Concur that makes it easy for travelers to organize and share their trips.
“This latest round of investment is evidence of Nor1’s outstanding progress in business development and technological advancement. These new funds will provide an even stronger foundation as we accelerate the growth of our products and distribution,” said Nor1 Co-founders Art Norins and Jason Bryant, CEO and President, respectively. “Concur is an excellent partner for us with a great track record. We’re excited to see what we can do together.”
Concur’s vision for The Perfect Trip is built on creating a travel ecosystem that dynamically responds to the needs of business travelers, the companies that they work for and the suppliers that serve them,” said John Torrey, Executive Vice President, Corporate Strategy for Concur. “Entrepreneurs like Nor1 are developing the next set of innovations that will ultimately deliver an even better travel experience to our users. Through the power of the Concur T&E Cloud, we’re bringing the best of these innovations together to revolutionize business travel and deliver greater value to corporate clients, suppliers and travelers alike.
Concur® is a leading provider of integrated travel and expense management solutions for companies of all sizes. Concur’s easy-to-use web-based and mobile solutions help companies and their employees control costs and save time. The Concur Perfect Trip™ Fund represents $150 million in capital allocated specifically to invest in and nurture emerging companies in the T&E Cloud. Current investments in the Fund include buuteeq, Cleartrip, Evature, Room 77, TaxiMagic and Yapta. Learn more at www.concur.com.
About Nor1 Inc.
Nor1, Inc. is the technology leader in upsell solutions. Headquartered in Silicon Valley, Nor1 provides data-driven pricing and merchandising solutions to maximize incremental revenues for hotels and resorts worldwide such as Hilton, Hyatt, IHG, Carlson Rezidor and Kempinski Hotels. Nor1’s patented, dynamic decisions intelligence engine, PRiME®, powers Nor1’s scalable upsell platform including its signature eStandby Upgrade® and the FrontDesk Upsell™.
Nor1 is creating the fusion between technology and guest experience. It’s that combination of expertise and skill that have set Nor1 apart and continues to attract technology’s most distinguished investors such as Concur (CNQR), Goldman Sachs and Accel Partners. For more information, please visit www.nor1.com.
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