SAP to acquire travel software firm Concur
Germany based software giant SAP says it will acquire travel software firm Concur in a major deal worth $8.3 billion.
A deal for Concur had been expected by analysts with media rumors of a takeover on the cards by SAP or possibly Oracle.
Bellvue, Washington-based Concur is a major player in the corporate travel market serving around 23,000 customers and has 25 million active users globally, bringing in revenues of $700 million.
Concur also owns travel management tool TripIt.
Once the deal goes through, SAP will have over 50 million users of its cloud-based products.
SAP has agreed to pay $129 a share which stood at $107 at the end of trading yesterday, and in after-hours trading its value rose more than 20%.
"We have always been focused on making solutions for real customer problems, and with SAP we have a great opportunity to advance that mission," said Concur CEO Steve Singh.
We’re excited about leveraging SAP technology as we scale globally."
"Great companies are acquired, they are not sold," he added.
A Concur spokesperson said more details would be made available as it progresses through the regulatory process.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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