REDMOND, Wash., September 25, 2007 - Concur (NASDAQ: CNQR), the world’s leading provider of on-demand Employee Spend Management services, today announced that it priced its offering of 4,700,000 shares of common stock in a registered public offering at a price to the public of $28.50 per share. Total net proceeds to Concur Technologies are approximately $126.0 million, after deducting underwriting discounts and commissions and estimated offering expenses. Concur intends to use the net proceeds from this offering, together with funds drawn under a proposed extension of its existing credit facility, to fund the consideration for its proposed acquisition of privately-held H-G Holdings, Inc. and its subsidiaries, including Gelco Information Network, Inc., the owner of Gelco Expense Management (Gelco), which was announced on July 30, 2007.
Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. acted as joint bookrunning managers for the offering. In addition, Jefferies & Company acted as co-manager of the offering. The underwriters have an option to purchase up to 705,000 additional shares of common stock from Concur to cover over-allotments, if any.
A prospectus relating to the offering may be obtained by contacting Credit Suisse Securities (USA) LLC, One Madison Avenue, New York, New York 10010, Prospectus Department (telephone: 800.221.1037) or Deutsche Bank Securities, Inc., 100 Plaza One, Jersey City, NJ 07311, Prospectus Department (telephone: 800.503.4611).
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
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