Wednesday, 24th September, 2014

SAP has entered into an agreement to buy Concur, a leader in the travel and expense (T&E) management software market for $8.3 billion. Concur has more than 23,000 customers, 4,200 employees and 25 million active users in over 150 countries.

It is estimated that with Concur, SAP's business network – will transact more than US$600 billion annually, deliver commerce across more than 25 different industries and address annual corporate travel spend of US$1.2 trillion worldwide.

SAP will fund the transaction from a credit facility agreement of up to €7 billion to cover the purchase price, target debt refinancing and acquisition-related costs.

"The acquisition of Concur is consistent with our relentless focus on the business network," said Bill McDermott, CEO of SAP.

He added, "We are making a bold move to innovate the future of business within and between companies. With Ariba, Fieldglass and Concur, SAP is the undisputed business network company.