Sep 18, 2014 5:53 PM
SAP will buy Concur Technologies for $7.36 billion
The Associated Press
NEW YORK (AP) German business software maker SAP says it will buy travel and expense management software company Concur Technologies for $129 per share, or about $7.36 billion.
That's a premium of 19.7 percent to Concur's closing price on Thursday.
SAP AG values the deal at $8.3 billion and says the acquisition should close in the fourth quarter of 2014 or the first quarter of 2015.
SAP says Concur has 25 million users in 150 countries. The Bellevue, Washington company's revenue rose 29 percent to $178.4 million in its latest fiscal quarter. SAP had about $5.6 billion in revenue in its latest fiscal period.
Shares of Concur Technologies Inc. closed at $107.80 Thursday. The stock is up 4.5 percent in 2014 but has fallen from a high of $130.39.