Concur has announced an expansion into South Korea.
The travel and expense management company will join SAP’s Seoul office, offering expense solutions to large conglomerates, enterprise businesses and multi-national 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. “The outdated expense and travel management solutions widely deployed in the market today are not capable of providing data and insights that help businesses make more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 VP of global sales, Asia Pacific for Concur, and Jaesung Kim is head of sales for Concur Korea.
In the fourth quarter of 2016, among its current customer base in Korea, Concur saw more than 125 per cent year-on-year growth in expense transactions, and more than 113 per cent growth in reimbursed expense spend.
According to the GBTA Business Travel Index, South Korean business travel spend was $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.
“The opportunity in South Korea is significant,” said Nick Evered, senior VP and general manager for Concur Asia Pacific. “We’ve had strong growth to date in South Korea, and through our partnership with SAP, we look forward to continuing to expand our offerings to large conglomerates, enterprise businesses and multi-national companies operating in South Korea.”