Friday, December 5th, 2014
SAP, a German multinational software corporation, has just finalized the acquisition of Concur yesterday. Based in Bellevue, Concur is the leading travel & expense management software company in the world with sales of $545.8 million in 2013. Concur has 4,200 employees worldwide, most of whom are based in Bellevue.
With the acquisition, SAP gains Concur’s 23,000 clients and 25 million active users spanning over 150 countries, becoming the world’s second-largest cloud company. In return, SAP is forking over $8.3 billion, agreeing to pay $129 per share.
In an interview, Concur’s President and COO Rajeev Singh assured company employees that the acquisition will not affect their jobs. “Nobody’s losing their job. SAP’s intention is to run the company as an independent business unit.” He then added, “The Concur presence in Seattle will grow. We’re going to keep hiring…What you have is you’ve just added another giant employer to the market.”
Greater Seattle has become a magnet for tech companies thanks to its abundance of talent. There are over 313,000 technology-based workers in Washington State.