Corporate expense software developer Concur Technologies (NASDAQ:CNQR) is growing at a rapid clip. Investors seemed a bit disappointed in its fiscal fourth-quarter report, sending the stock price down about 4.5% to $15.88. But over the long haul, it looks like Concur should continue to post solid results.

Quarterly revenues increased 40% to $27.5 million, but net income fell to $1 million, or $0.03 per share, down from $2.1 million, or $0.06 per share, in the year-ago quarter. The plunge stemmed from a $1.5 million provision for income taxes in the current quarter.

Concur develops software that helps companies automate the travel expense process. With the system, an employee can easily book a flight, rental car, and hotel, which is then integrated into expense reports. What's more, the process is customized according to a company's compliance policy requirements, resulting in lower costs and improved internal controls. Concur's major customers include Dell (NASDAQ:DELL), J.C. Penney (NYSE:JCP), and Texas Instruments (NYSE:TXN).

Concur's business model is similar to that of ADP (NYSE:ADP), which has built a franchise in the payroll market. Concur's customers outsource a routine process and pay a recurring subscription fee. Since most companies face ongoing travel expenses, a system to manage things more efficiently can be a tempting prospect, giving Concur a significant market opportunity.

Concur forecasts fiscal 2007 revenues of $120 million to $125 million. That said, the company has been aggressively adding to its sales force. With an eager market and a solid product, there's a good chance that Concur will continue its fast-growing ways -- and beat its current growth forecast.

We concur with further Foolishness:

Dell has made the cut at both our bargain-hunting Motley Fool Inside Value and our flagship Motley Fool Stock Advisor newsletters. Follow the preceding links to try either one free for 30 days.

Fool contributor Tom Taulli does not own shares mentioned in this article. He is currently ranked 380 out of 14,555 in CAPS. The Fool's disclosure policy came, saw, and conquered.