Redmond, WA-based Concur Technologies (NASDAQ:[[ticker:CNQR]]) announced this week it has raised $287.5 million in convertible note debt financing, payable at an annual interest rate of 2.5 percent. The notes will mature on April 15, 2015, and will convert into equity if the stock price is above $52.35 per share, which represents a 25 percent increase over $41.88, the closing price of Concur’s common stock on March 30, 2010. Proceeds from the financing will be used for “general corporate purposes, including potential acquisitions and strategic transactions,” according to the release. Concur, which is led by CEO Steve Singh, makes online software for managing employee expenses and corporate travel. Last month, the company announced its product was among the initial set of offerings available in the new Google Apps Marketplace for businesses.
Author: Gregory T. Huang
Greg is a veteran journalist who has covered a wide range of science, technology, and business. As former editor in chief, he overaw daily news, features, and events across Xconomy's national network. Before joining Xconomy, he was a features editor at New Scientist magazine, where he edited and wrote articles on physics, technology, and neuroscience. Previously he was senior writer at Technology Review, where he reported on emerging technologies, R&D, and advances in computing, robotics, and applied physics. His writing has also appeared in Wired, Nature, and The Atlantic Monthly’s website. He was named a New York Times professional fellow in 2003.
Greg is the co-author of Guanxi (Simon & Schuster, 2006), about Microsoft in China and the global competition for talent and technology. Before becoming a journalist, he did research at MIT’s Artificial Intelligence Lab. He has published 20 papers in scientific journals and conferences and spoken on innovation at Adobe, Amazon, eBay, Google, HP, Microsoft, Yahoo, and other organizations. He has a Master’s and Ph.D. in electrical engineering and computer science from MIT, and a B.S. in electrical engineering from the University of Illinois, Urbana-Champaign.
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