Enterprise-software company SAP is adding to its bag of tricks today by buying Concur Technologies, a company that sells software for keeping track of money employees spend on travel and expenses.
The deal is going down for $8.3 billion, or $129 per share, according to a statement from the companies.
[aditude-amp id="flyingcarpet" targeting='{"env":"staging","page_type":"article","post_id":1556284,"post_type":"story","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"business,cloud,enterprise,","session":"C"}']The per-share purchase price of $129 represents a 20 percent premium over the September 17 closing price, a 21 percent premium over the one-month volume-weighted average price per share and an enterprise value of approximately $8.3 billion.
From a corporate standpoint, the acquisition will help further diversify away from databases. SAP made a similar diversifying step in 2011 when it bought SuccessFactors.
AI Weekly
The must-read newsletter for AI and Big Data industry written by Khari Johnson, Kyle Wiggers, and Seth Colaner.
Included with VentureBeat Insider and VentureBeat VIP memberships.
Concur in July announced a partnership with Airbnb to coordinate on business travel to places on the home-rental site. Concur also inked a deal with alternative cab service Uber.
Concur, based in Bellevue, Wash., boasts more than 23,000 customers and 25 million active users in more than 150 countries, according to the statement. It sells versions specially packaged for small businesses and government agencies. Invoicing and business-intelligence tools are available as well.
IBM, Oracle, Apptricity, and other companies compete with Concur.
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn More