Over the past few years, the on-demand software company,
Concur (NASDAQ: CNQR), has been making some big changes in its business – especially its business model (to focus on recurring revenue streams). And, as seen with the latest quarterly report, things are starting to pay off. Revenues increased 69% to $49.4 million and net income came to $3.4 million, or $0.07 per share. There were 400 new customers in the quarter (the total is roughly 6,000).

Basically, Concur provides software to help manage corporate travel spending. It's a tough problem, but the company has a broad offering of solutions, helping with vendor payments, direct reimbursements, audits and so on.

In fact, Concur recently completed the acquisition of Information Network. This will add some value payment systems (as well as customers).

What's more, Concur upped its full-year guidance. The company expects to earn $0.22 per share and post revenues of $204 million. This compares to the prior guidance of $0.15 per share and revenues of $194.5 million.

Interestingly enough, Concur's solutions tend to do well in tough economic environments as companies try to cut costs. Keep in mind that the company's solutions are highly automated.

In today's trading, Concur's stock is up 20.83% to $34.16 per share.

Tom Taulli is the author of various books, including The Complete M&A Handbook. He also operates DealProfiles.com.