Concur Technologies, the Bellevue, WA-based maker of software for managing corporate travel and expenses, will become part of German enterprise software giant SAP in a deal that values the 21-year-old company at about $8.3 billion, the companies said.
SAP, through subsidiary SAP America, has agreed to buy Concur at a price of $129 per share, or 20 percent more than the Wednesday closing price of Concur (NASDAQ: [[ticker:CNQR]]) shares.
Concur has some 4,200 employees, 23,000 customers, and expected revenue this year of $700 million. The companies say they have relatively few overlapping customers.
Concur and SAP say they expect to receive regulatory approval of the deal late this year or early in 2015.
SAP (NYSE: [[ticker:SAP]]) CEO Bill McDermott says in a statement that Concur fits with his company’s focus on “the business network.”
“We are redefining how businesses conduct commerce across goods and services, contingent workforces, travel and entertainment,” McDermott, pictured left above with Concur CEO Steve Singh.
In this 2012 profile, Xconomy’s Curt Woodward described Concur as “one of the Seattle area’s under-the-radar success stories.” That story gets another chapter with one of the largest acquisitions in the Northwest software industry.
