Concur shareholders approve $8.3 billion SAP acquisition
Concur shareholders have approved an $8.3 billion acquisition by SAP.
The Bellevue-based firm develops travel and entertainment expense management software. Concur has developed an open platform that documents the travel and expense ecosystem of customers, suppliers, and developers via cloud technology, which can be tailored depending on the scale of a corporation.
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The company accounts for roughly 4,200 employees worldwide and generates revenue of approximately $700 per annum. Founded in 1993, Concur serves over 23,000 companies and supports 25 million active monthly users.
Concur's software caught the eye of enterprise software maker and service provider SAP this year. The firm pushed ahead with an acquisition offer of $8.3 billion, which was confirmed in September.
On Wednesday, SAP revealed the buyout has been approved at a meeting of Concur's shareholders. As a result, the deal is expected to be complete in early December, subject to additional regulatory approval.
At the time the acquisition was made public, Concur CEO Steve Singh said the merger with SAP will provide "the opportunity to attract developers and partners to the Concur platform, enabling us to continue to extend the capabilities available to you and your business."
SAP expects the acquisition to translate into billions annually once the firm's software is integrated within its cloud network.
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