WALLDORF, Germany, Dec. 4, 2014 /PRNewswire/ -- SAP SE (NYSE:
SAP) today announced that it has completed its acquisition of
Concur Technologies, Inc. (NASDAQ: CNQR), the leader in the
multi-billion dollar market for travel and expense (T&E)
management solutions. With the acquisition of Concur, SAP advances
its business network strategy by delivering a new model for
managing business resources, processes and spend in the simplest
possible way — through the world's largest business network.
All outstanding shares of Concur have been converted into the
right to receive US$129 per share in
cash. Concur has notified The Nasdaq Stock Market of the completion
of the acquisition and expects trading of its common stock to be
suspended pending delisting of such shares.
Concur will operate as a business unit within SAP and continue
to be led by its existing management team.
Helping Companies Run Simple
"Social networks have made it easier than ever for us to shop,
share and consume. Companies want this same simplicity," said
Bill McDermott, CEO of SAP. "SAP
provides the largest global network of digitally connected
companies for businesses to collaborate, organize and innovate
business models in entirely new ways. With the acquisition of
Concur, we are expanding this network and delivering on our promise
to help companies run simple. Business travel and expense
management are notorious business challenges for companies
worldwide. I'm thrilled for our customers that the leading
solutions for travel and expense management are now part of the SAP
Cloud portfolio."
Fueling the Networked Economy
Business is no longer about simply executing a process within a
company, it's about orchestrating commerce transactions across an
entire value chain. SAP is uniquely positioned to connect companies
to the applications, networks and platform they need to discover,
connect and collaborate in the networked economy and empower them
to win.
- With more than 1.6 million connected companies in 190 countries
transacting over half a trillion dollars in commerce on an annual
basis, the SAP business network is the largest in the world.
- Leveraging the collaborative commerce capabilities of Ariba, an
SAP company, the flexible workforce management capabilities of
Fieldglass, the travel and expense capabilities of Concur and the
real-time in memory capabilities of the SAP HANA® platform, SAP
enables companies to link a virtual network of partners into a
shared community and execute key business processes — from
procurement, invoicing and payment to staff augmentation and talent
management — in a more efficient, informed and simple way.
Expanding the World's Largest Business Network
Concur extends the SAP business network with leading cloud-based
solutions for innovative and effortless T&E management that
provide total transparency into travel spend wherever it occurs.
Concur delivers a unique platform to connect and engage the global
travel ecosystem and enables SAP to accelerate its network
strategy:
- Concur is the global leader of integrated T&E management
solutions for companies of all industries and sizes, with more than
25,000 customers and 25 million active users in over 150
countries.
- Concur addresses the US$1.2
trillion corporate travel market both for travel buyers and
the global travel ecosystem, including suppliers, travel management
companies, online travel agencies, global distribution systems and
app developers.
- When Concur is combined with the Ariba and Fieldglass business
networks, SAP will be positioned to power transactions that drive
more than US$10 trillion of
addressable global spend annually.
"At Concur, we've always imagined the way the world should
work. We were founded on the simple idea that complex tasks
like expense reports should be effortless for the user, create
transparency and insights for businesses and connect people to the
community of partners they count on," said Steve Singh,
Concur CEO. "We have shared a vision for the perfect
trip, and believe that we have only scratched the surface
on what's possible when we dream big. With SAP, we are excited to
expand on that vision to re-imagine the way
businesses manage their resources globally, connecting travel,
procurement, contingent workforces or any other spend in
real time."
Product Availability
Concur solutions are available for purchase by SAP customers as
of today.
Financial Impact
Concur is expected to contribute €40–€45 million to SAP's
non-IFRS cloud subscriptions and support revenue for the fourth
quarter and full year 2014. The contribution to SAP's non-IFRS
operating profit in 2014 is expected to be insignificant. SAP will
provide 2015 guidance and mid-term targets including Concur in
January 2015.
For more information, visit the SAP News Center. Follow SAP
on Twitter at @sapnews.
About Concur
Concur is the leading provider of spend management solutions and
services in the world, helping companies of all sizes transform the
way they manage spend so they can focus on what matters most.
Through Concur's open platform, the entire travel and expense
ecosystem of customers, suppliers, and developers can access and
extend Concur's T&E cloud. Concur's systems adapt to individual
employee preferences and scale to meet the needs of companies from
small to large. For more information, visit www.concur.com.
About SAP
As market leader in enterprise application software, SAP (NYSE:
SAP) helps companies of all sizes and industries run better. From
back office to boardroom, warehouse to storefront, desktop to
mobile device – SAP empowers people and organizations to work
together more efficiently and use business insight more effectively
to stay ahead of the competition. SAP applications and services
enable more than 263,000 customers to operate profitably, adapt
continuously, and grow sustainably. For more information, visit
www.sap.com.
Any statements contained in this document that are not
historical facts are forward-looking statements as defined in the
U.S. Private Securities Litigation Reform Act of 1995. Words such
as "anticipate," "believe," "estimate," "expect," "forecast,"
"intend," "may," "plan," "project," "predict," "should" and "will"
and similar expressions as they relate to SAP are intended to
identify such forward-looking statements. SAP undertakes no
obligation to publicly update or revise any forward-looking
statements. All forward-looking statements are subject to various
risks and uncertainties that could cause actual results to differ
materially from expectations. The factors that could affect SAP's
future financial results are discussed more fully in SAP's filings
with the U.S. Securities and Exchange Commission ("SEC"), including
SAP's most recent Annual Report on Form 20-F filed with the SEC.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of their dates.
© 2014 SAP SE. All rights reserved.
SAP and other SAP products and services mentioned herein as well
as their respective logos are trademarks or registered trademarks
of SAP SE in Germany and other
countries. Please see
http://www.sap.com/corporate-en/legal/copyright/index.epx#trademark
for additional trademark information and notices.
For customers interested in learning more about SAP
products:
Global Customer Center: +49 180 534-34-24
United States Only: 1 (800) 872-1SAP (1-800-872-1727)
For more information, press only:
Daniel Reinhardt, SAP, +49 (6227) 7-40201,
daniel.reinhardt@sap.com, CET
Andy Kendzie, SAP, +1 (202)
312-3919, andy.kendzie@sap.com, EST
Karen Master, SAP +1 (412) 297-8177,
karen.master@sap.com, EST
Danielle Adams, Concur, +1 (425)
590-5085, danielle.adams@concur.com, PST
SAP News Center press room; press@sap.com
For more information, financial community
only:
Stefan Gruber,
SAP, +49 (6227) 7-44872, investor@sap.com, CET
Todd Friedman, Concur, +1 (415)
734-4605, todd.friedman@concur.com, PST
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SOURCE SAP SE
