CBC, AsiaInfo back China travel solutions provider Baoku

Financial details were not disclosed but the investment size is said to be about $10 million.

The seven-year-old IT solutions developer builds web-based corporate travel management systems, enabling employees to spend within policy during their business trips.

It currently provides services to more than 2,000 Chinese companies - including AsiaInfo-Linkage, Air China and medical equipment manufacturer Smith & Nephew - helping them save up to RMB1.8 billion ($290 million) in travel expenses.

Edward Tian, founder and chairman of CBC, told local media that he was attracted by Baoku's cloud-based software delivery model and big data management. This technology is expected to transform the internet industry in the next 10 years.

China could become the world's largest market for business travel as early as 2015, according to the Global Business Travel Association. Spending on business travel originating in China grew 15.1% year-on-year in 2013 to $225 billion. The association expects it to reach $309 billion by 2015.

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