Concur will join SAP’s Seoul office in its latest expansion announcement, allowing it to offer expense solutions to large conglomerates, enterprise businesses and multinational companies with operations in South Korea.
“South Korea is an important part of Concur’s global growth strategy,” said Won Joon Hyoung, president, SAP Korea.
“We currently have strong business interest and momentum in South Korea, despite not having a local office. The outdated expense and travel management solutions widely deployed in the market today are not capable of providing data and insights that help businesses make more informed decisions. By investing in Concur’s operations in South Korea, our goal is to lead the domestic market in travel and expense management.”
Barry Long has been appointed as vice president of global sales, Asia Pacific for Concur, and Jaesung Kim is head of sales for Concur Korea. Concur will be building additional sales, solution consulting, marketing, service delivery and business development teams in the coming months.
In 4Q2016, among its current customer base in Korea, Concur saw more than 125 per cent YOY growth in expense transactions, and more than 113 per cent growth in reimbursed expense spend.
According to GBTA’s BTI Outlook, total South Korean business travel spend was US$32.6 billion in 2015. The BTI Outlook projects spend volume will grow at a rate of 4.4 per cent per year through 2020, outpacing the 2.6 to 2.8 per cent economic growth.
South Korea currently ranks among the top 10 countries for business travel spend, according to GBTA. With the launch, Concur is now operating in all 10 of the top global markets for business travel.
Nick Evered, senior vice president and general manager for Concur Asia Pacific, hopes to continue Concur’s strong performance in South Korea through the SAP partnership.
Concur, which was acquired by SAP in 2014, offers a fully connected travel, expense and invoice platform ecosystem that integrates its products, suppliers and partners.
