Travis was acquired by ECIT.
Travis, a Bergen, Norway-based developer of a software solution that scans receipts, analyzes expenses and generates financial reports, was acquired by the Norwegian accounting company ECIT.
The financial details remained undisclosed. The deal was made for a 51% of the shares and involves a capital injection of NOK 7M ($750k).
Travis was founded by Fredrik Holst , Helge Hannisdal and Tor Henrik von der Ohe and led by CPO Sanna Lutsoja. The company developed an "intelligent travel assistant" that automates travel billing and outlays using Optical Character Recognition (OCR) technology, combined with machine learning.
Priot to this deal, Travis raised $360k from investors including Tripod Capital Collective.