Acquisition of leading European travel and expense management provider continues Concur’s commitment to global and local market leadership
London, UK, August 3rd, 2009 – Concur (NASDAQ: CNQR), the world’s leading provider of on-demand Employee Spend Management services, today announced that it has acquired privately-held Etap-On-Line, a leading European provider of business travel and expense management solutions based in Paris, France. Concur expects the acquisition, which closed on August 1st, 2009, to be accretive to fiscal 2010 pro forma earnings.
“Concur’s continued global growth is fueled by market demand for services that help our clients drive costs out of their businesses,” said Steve Singh, chairman and CEO of Concur. “This acquisition is one more step in Concur’s ongoing commitment to providing both global and local leadership to the travel and expense industry. By extending Concur’s investment and presence in Europe, we expect to build on our success, driving the innovation curve and expanding our market reach to deliver enhanced value for all of our customers. We look forward to serving the Etap-On-Line customers and we enthusiastically look forward to welcoming our new colleagues from the Etap-On-Line team to Concur.”
“The combination of two strong organisations with deeply similar values and approaches makes enormous strategic sense, and will create enhanced opportunities for customers, partners and employees,” said Pierre Higelin, co-founder of Etap-On-Line. “For Etap-On-Line, this combination represents the next step in the company’s continued commitment to helping clients better manage travel and expense.”
Concur will discuss the acquisition of Etap-On-Line on its fiscal 2009 third quarter earnings call which will take place on Wednesday, August 5th, 2009 beginning at 2:00 p.m. (PST). Concur will open the event to the media and general public by broadcasting the call live over the Internet at www.concur.com.