Funny Money Time as SAP agrees to buy Concur Technologies for $8.3 billion – yes billion
Concur Technologies, the cloud-based travel and expense management software provider (it’s legal sector clients include Allen & Overy and CMS) has just agreed to be bought by SAP in a deal worth $8.3 billion. Concur, which was founded in 1993, is used by around 23,000 businesses globally, with a total of 25 million active end users. Last year Concur’s turnover was $546 million, resulting in a loss of $24 million. SAP says it will fund the acquisition through a €7 billion credit facility.