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September 2022, Virtual
September 29 2022, Virtual
German software firm SAP has agreed to buy US travel and expense management company Concur in a deal worth around $8.3 billion.
SAP will offer $129 per share for Concur, representing a 20 per cent premium over the September 17 closing price.
The deal means the two companies together will have more than 50 million users in the cloud, more than any enterprise cloud company, and will be the second largest cloud company globally by measure of revenue.
Concur has 23,000 customers, 4,200 employees and 25 million active users in 150 countries. SAP CEO Bill McDermott said he “fully expects” all staff and management to join SAP.
“The acquisition of Concur is consistent with our relentless focus on the business network,” McDermott said in a statement. “We are making a bold move to innovate the future of business within and between companies.”
In 2012 SAP agreed to purchase US-based software firm Ariba for $4.3 billion, and earlier this year acquired Fieldglass, which helps companies manage contract employees.
“With Ariba, Fieldglass and Concur, SAP is the undisputed business network company,” said McDermott. “We are redefining how businesses conduct commerce across goods and services, contingent work forces, travel and entertainment.”