Concur last week agreed to buy consumer travel search company Hipmunk. This will help it "deliver consumer-grade products to corporate customers," according to Concur. Beyond that, the firm's execs are saying very little. Here's some educated speculation.

Hipmunk wasn't going far in the consumer space. For months it has been talking to potential strategic investors — including well-known travel distribution companies. According to reports, Hipmunk's latest round of investment was at a reduced valuation. The consumer search space is just too competitive . . .

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