SAP has announced it has agreed to acquire enterprise travel and business expense management software purveyor Concur Technologies in an $8.3bn takeover deal.
The Germany-based giant will shell out $129 per Concur share – a 20 per cent premium – in a deal it expects to close by the end of the year or early 2015. SAP plans to fold Seattle-based Concur in with its other enterprise software offerings.
SAP said that because the two firms have little overlap, it expects the Concur acquisition to bring in a number of new customers. Concur says it has more than 20,000 clients, and as many as 25 million users. It recorded revenues of $546m in its latest full year.
"We are making a bold move to innovate the future of business within and between companies. With Ariba, Fieldglass and Concur, SAP is the undisputed business network company," SAP CEO Bill McDermott said of the deal.
"We are redefining how businesses conduct commerce across goods and services, contingent workforces, travel and entertainment. With the SAP HANA platform, the possibilities to innovate new business models around Concur and the network are limitless."
In the meantime, Concur, which was founded in 1993, said that it will continue to offer its Travel, Expense and Invoice services to customers. ®