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agreed to acquire London-based expense management provider GlobalExpense and
said it expects the transaction to close before the end of September. The
purchase price, according to Concur, was £12 million, "plus a
performance-based contingent earn-out of up to £2 million."
acquisition reflects our commitment to continue growing Concur's investment and
presence to serve the large untapped travel and expense management market in
Europe," according to a prepared statement from Concur CEO Steve Singh,
who noted "GlobalExpense's core strengths in receipt validation, VAT and
income tax compliance, and their extensive knowledge of U.K. tax legislation."
held GlobalExpense, which according to Concur serves about 200 client
organizations, would be the latest Concur purchase following acquisitions of
TripIt this year, Etap-On-Line in 2009, Gelco in 2007, Outtask in 2006 and
Captura in 2002.
doesn't have the specifics about all employee roles, but will be determining
this as part of integration planning and will communicate details once
available," according to information posted to the Concur website.
"GlobalExpense and Concur have complementary product and geographic
strengths, enhancing Concur's ability to compete in delivering integrated
travel and expense management solutions. The specific product strategy going
forward regarding this acquisition will be addressed as the two teams work
together to determine how to best deliver value to our clients."