Enterprise software company SAP just announced that has agreed to acquire Concur Technologies, which makes expense and travel management tools that it says are used by 23,000 customers (including TechCrunch and its parent company AOL).
The deal is for $129 per share, which is 20 percent higher than Concur’s Sept. 17 closing price. It gives SAP an enterprise value of $8.3 billion.
“The acquisition of Concur is consistent with our relentless focus on the business network,” said SAP CEO Bill McDermott in the acquisition release. “We are making a bold move to innovate the future of business within and between companies. With Ariba, Fieldglass and Concur, SAP is the undisputed business network company. We are redefining how businesses conduct commerce across goods and services, contingent workforces, travel and entertainment. With the SAP HANA platform, the possibilities to innovate new business models around Concur and the network are limitless.”
Bloomberg reported earlier this month that Concur was discussing a possible acquisition with companies including, yep, SAP.
Founded in 1993, Concur acquired travel startup TripIt back in 2011.
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