SAP to Acquire Concur in $8.3 Billion Deal
The Germany-based IT giant SAP entered into an agreement to buy Concur for an estimated $8.3 billion. The deal is expected to close by early 2015. “Concur shares SAP’s vision to help our customers ‘run simple,’” said Bill McDermott, CEO of SAP. “Concur cloud solutions are network-based and enable context-aware applications for travelers to use on any mobile device.”
The acquisition creates synergies and opportunities for both companies. Currently the majority of SAP customers do not run Concur's travel and expense management solutions, and only 30% of Concur customers use SAP technologies, according to a press statement. Said Concur CEO Steve Singh: “We have always been focused on making solutions for real customer problems, and with SAP we have a great opportunity to advance that mission."