In a deal valued at $8.3 billion, SAP has announced that it is acquiring Seattle-area fintech innovator – and FinDEVr presenter – Concur Technologies.
There are still “i’s” to be dotted and “t’s” to be crossed: the acquisition is subject to both approval from shareholders and regulators. But assuming all goes well on those fronts, the deal is expected to close by the end of 2014 or, at the latest, in the first quarter of 2015.
Quoted in the Seattle Times, Concur CEO Steve Singh said, “We have always been focused on making solutions for real customer problems and with SAP we have a great opportunity to advance that mission.”
The board of directors for Concur was unanimous in supporting the sale of the company, for which SAP paid $129 per share. The purchase price reflected a 20% premium on Concur’s stock price at the time.
Concur boasts more than 25,000 clients and 25 million users who take advantage of its business and travel expense management technology. Combined with SAP, it is estimated that the new entity will have in excess of 50 million cloud customers and rank as the #2 cloud company in the world by revenue.
Said Singh, “We are constantly seeking innovative ways to deliver the best customer experience, and we’re exciting about leveraging SAP technology.”
Founded in 1993, Concur is a presenting sponsor of FinDEVr San Francisco 2014, the first fintech event for developers. More information about FinDEVr is available here.