GURGAON, India and NEW YORK, May 14, 2018 /PRNewswire/ --
Next-generation cloud solution to enable seamless travel booking and expense automation for Indian business travelers
Yatra Online, Inc. (NASDAQ: YTRA) (OTCQX: YTROF), one of India's leading online travel companies, and Chrome River Technologies, Inc. a leading global provider of expense management and supplier invoice processing software, announce an agreement to deliver streamlined, integrated expense automation solutions for companies based out of India.
Yatra will resell Chrome River EXPENSE as part of an integrated travel booking and expense management solution with Yatra's Self Book platform. Chrome River EXPENSE will empower Yatra's corporate customers to better enforce expense policies, provide an optimal traveler experience, and reduce wasteful spend.
Chrome River has more than 750 customers worldwide, with over 2 million users across more than 115 countries. Chrome River EXPENSE is available in 31 languages and supports global tax jurisdictions, including VAT and per diem rules. Commenting on the partnership, Dhruv Shringi, Co-founder and Chief Executive Officer, Yatra Online, Inc. said, "As we continue to grow in the corporate travel segment, we are teaming up with Chrome River, to further drive efficiencies in travel bookings by automating the expense management process. The depth and reach of its network and solutions is unparalleled in the industry. Our technology platforms complement each other, and together we will offer services best suited to the needs of Indian travelers to ultimately enhance their travel booking experience. We look forward to growing with Chrome River."
"India is one of the fastest-growing business travel markets, and corporate travel spending is increasing at 12 percent per year, which is more than double that of the U.S. and almost five times the growth seen across Europe. This growth, combined with a need for many Indian companies to improve business processes in areas such as travel booking and expense management, offers an excellent opportunity for Chrome River and Yatra," said Alan Rich, CEO and Co-founder of Chrome River. "In addition to the need for increased control and visibility into spend, companies are looking for expense reporting solutions which work across any mobile platform. With this partnership with Yatra, organizations can benefit from these best-of-breed technology solutions, combined with local expertise that understands the specific needs of Indian organizations."
About Yatra Online, Inc. and Yatra Online Pvt. Ltd.
Yatra Online, Inc. is the parent company of Yatra Online Pvt. Ltd. which is based in Gurgaon, India and is one of India's leading online travel companies and operates the website Yatra.com. The company provides information, pricing, availability, and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises. As a leading platform of accommodation options, Yatra provides real-time bookings for more than 83,000 hotels in India and over 800,000 hotels around the world.
Customers can access Yatra in multiple ways: through a user-friendly website, mobile optimised WAP site and applications, a multi-lingual call centre, a countrywide network of Holiday Lounges and Yatra Travel Express stores.
Launched in August 2006, Yatra was ranked the Most Trusted e-Commerce Travel Brand in India in the Economic Times Brand Equity Survey 2016 for the second successive year, and has won the award for 'First Prize - Domestic Tour Operator (Rest of India)' at the India Tourism Awards held in July 2016.
About Chrome River
Chrome River Technologies, Inc. lets business flow for some of the world's largest and most-respected global organizations. Our powerful, yet easy-to-use SaaS expense management and invoice automation solutions deliver the most modern global and mobile experience in the marketplace. Our highly-configurable business rules engine supports your evolving compliance and reporting requirements in today's ever-changing business climate. Chrome River is rated as a Leader in expense management by analyst firm IDC, and is loved by CFOs, CIOs, AP teams, travel managers and business travelers alike.
This press release contains certain statements concerning the Company's future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company's current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate," "believe," "estimate," "expect," "intend," "will," "project," "seek," "should" and similar expressions. Such statements include, among other things, management's beliefs as well as our strategic and operational plans. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the slow-down of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, volatility in the trading price of our shares, our reliance on our relationships with travel suppliers and strategic alliances, failure to further increase our brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in India and overseas, failure to successfully develop our corporate travel business, damage to or failure of our infrastructure and technology, loss of services of our key executives, and inflation in India and in other countries. These and other factors are discussed in our reports filed with the U.S. Securities and Exchange Commission. All information provided in this press release is provided as of the date of issuance of this press release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For further information, please contact: Manish Hemrajani VP, Head of Investor Relations Yatra Online, Inc. Tel: +1-646-875-8380 Email: email@example.com