Tuesday, June 7, 2011

Concur Buys UK Firm

Redmond-based Concur, the developer of travel and expense management software, said today that it has agreed to acquired GlobalExpense, a London-based developer of web-based, expense management software. Concur is paying around $19.75M for GlobalExpense, plus earn out of up to $3.3M for GlobalExpense. Concur said the buy would help it serve the travel and expense management market in Europe. The company also said the acquisition would boost its revenues by approximately $0.5M for the fiscal quarter ending September 30, 2011, and by approximately $5M for its fiscal year ending September 30, 2012.