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Washington-headquartered Concur is set to buy London-based Global Expense in a deal worth up to £14 million.
Global Expense operates a web-based end-to-end expense management service, which Concur hopes will expand its local capabilities in the UK.
Steve Singh, Concur’s CEO, said: “This acquisition reflects our commitment to continue growing Concur’s investment and presence to serve the large untapped travel and expense management market in Europe."
He added that Concur would benefit from Global Expense’s “core strengths” in receipt validation, VAT and income tax compliance, and their “extensive knowledge” of UK tax legislation.
David Vine, CEO of Global Expense, said Concur’s acquisition of the company represents “the next step”.
“Concur and Global Expense have had parallel strategies, each with a deep belief in providing greater insight and control into spending. We’re excited about the opportunities to provide greater value,” he said.
Privately-owned Global Expense will be bought for £12 million initially, with a performance-based contingent worth an additional £2 million.
The deal is expected to be completed by September 30.