Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, September 18, 2014

SAP agrees to purchase expense software maker Concur for $7.3 bln, (NASDAQ: CNQR)

German business software maker SAP said on Thursday it has agreed to acquire U.S.-based expense management software maker Concur Technologies Inc in an all-stock deal valued at $7.3 billion that expands its presence in internet-based software or so-called cloud computing.SAP said in a statement it would offer $129 per share for Concur, a 20 percent premium over the Sept. 17 closing price.But the offer is just under the $130.36 record high Concur shares set in January, after a dramatic two-year upward run.Based on 57 million outstanding shares, the offer for Bellevue, Washington-based Concur is valued at $7.3 billion. Including debt, the offer represents an enterprise value of about $8.3 billion, SAP said.

Concur Technologies, Inc. (Concur) is a provider of integrated travel and expense management solutions for companies of all industries, sizes, and geographies. Shares of CNQR traded higher by 0.31% or $0.33/share to $107.80. In the past year, the shares have traded as low as $74.43 and as high as $130.39. On average, 551823 shares of CNQR exchange hands on a given day and today's volume is recorded at 549494.