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Cramer: Major bright spot in market?

After a terrible day in the market Jim Cramer always seeks out stocks which performed impressively. And, although all 10 S&P 500 sectors ended lower on Tuesday, Concur Technologies finished higher, up more than 2 percent.

If you're not familiar with the company, "Concur is a cloud-based software as a service firm that provides businesses with a cost-saving corporate travel and expense management platform," Cramer explained.

Like so many other cloud plays, Concur had tumbled earlier in the year, as investors shunned so-called high multiple stocks, broadly.

However, it appears sentiment has shifted. Over the past 3 months shares of Concur reversed course, advancing about 14 percent.

Chris Wahlberg | Photolibrary | Getty Images

"And on Monday night investors got some terrific evidence that the recent rally may be completely justified. Specifically, Concur reported a stellar quarter after the close, delivering a 9-cent earnings beat off of a 16-cent basis, on higher than expected revenues that rose 28.6 percent year over year, with excellent bookings and strength across all areas, including the US, Europe and Japan," Cramer said.

The recent advance may also be due, in part, to developments in which Concur added Airbnb and Uber Technologies to its network to improve business travel and streamline expenses.

"We are always looking at how to become a better company over the years," explained CEO Steve Singh on "Mad Money" "We look at where we are and how to best move forward… Airbnb is a great product. And in time we think it will be as popular with traditional travelers as it is with the millennial crowd."

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Of course, that doesn't mean recent strength can't melt away. "Concur is still incredibly expensive, trading at 95 times next year's earnings estimates," Cramer noted. If the market again punishes growth stocks, all bets may be off.

However, if you have a long-term time horizon and you have an appetite for risk, the strength on Tuesday may warrant attention. "If you want revolutionary disruptive technology and you can accept volatility, I'd take a look at Concur," Cramer said.

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