SAP is all set to acquire Concur Technologies a US based expense management software maker for $7.3 billion. The company aims to expand its presence in the internet based software and cloud computing with this acquisition. In an official statement by SAP, the company will offer $129 per share for Concur and 20% premium over the September 17 closing price.
This is the biggest acquisition in the history of SAP and after this company aims to increase its users from 38 million to 50 million. Speaking about the acquisition, Chief Executive Bill McDermott, SAP stated that, the acquisition of Concur is consistent with our focus on the business network.
Concur has a huge client list of 23,000 brands, which comprises of companies, governments and universities. Along with this it also has 25 million users of its business expense and travel management software and services. This business move will help SAP to have better access to the segment of corporate finance, where it is not going so strong. After this acquisition, SAP has a 75% bigger business network as compared to the combined business network of Amazon, eBay and Alibaba.
The transaction has been approved by the Concur board and it is expected to close in the fourth quarter of 2014 or the first quarter 2015, subject to shareholder and regulatory approvals.