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domingo, 12 de junho de 2011

Concur Buys GlobalExpense

Concur Technologies Inc. (CNQR) announced the acquisition of London-based end-to-end expense management solutions provider GlobalExpense for £12 million, implying $19.7 million. Additionally, the company will pay an earn-out of £2 million ($3.3 million) on the achievement of certain milestones.
With this acquisition, the company expects to capture the travel and expense management market in Europe. Furthermore, GlobalExpense’s strengths in receipt validation, VAT and income tax compliance, and wide knowledge of UK tax legislation will also support Concur's extended services offerings.
Management expects the acquisition to be completed by the end of the fourth quarter. The company anticipates that GlobalExpense would add $0.5 million to the revenues of fourth quarter of fiscal 2011.
In 2012, the acquisition is expected to enhance revenues by $5 million. The company also projects the GlobalExpense acquisition to increase non-GAAP pre-tax net income for fiscal 2012.
Earlier, the company had acquired privately-held TripIt, a company making mobile trip management applications. In addition to helping travelers easily organize and share travel plans, Triplt's open platform integrates applications from partners to provide value for the business traveler on the road.
Concur Technologies is a provider of business services that automate the processes involved in the management of corporate expense. The company streamlines the reimbursement processes, reduces operating costs, improves internal controls, and also allows customers to apply greater insight into their spending patterns through analytics. This eliminates costly and inefficient expense processes in businesses of all sizes.
Major competitors of Concur are Compuware Corporation (CPWR), Oracle Corp. (ORCL) and SAP AG (SAP).
We currently maintain our Neutral rating on Concur Technologies, with a Zacks #3 Rank (Hold recommendation) over the next one-to-three months.

CONCUR TECH INC (CNQR): Free Stock Analysis Report

COMPUWARE CORP (CPWR): Free Stock Analysis Report

ORACLE CORP (ORCL): Free Stock Analysis Report

SAP AG ADR (SAP): Free Stock Analysis Report

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