Concur, a provider of integrated travel and expense management solutions and recent purchaser of TripIt, has acquired London-based GlobalExpense, a company that specializes in Web-based end-to-end expense management solutions.
Concur has agreed to cough up £12 million for the acquisition of the privately held company, plus a performance-based earn-out of up to £2 million.
Concur says it expects the acquisition of the UK expense claim management provider to close in its fourth fiscal quarter. As usual with public companies, the acquisition is subject to customary closing conditions.
Said Steve Singh, chairman and CEO of Concur:
“The acquisition expands and enhances Concur’s extended services offerings by leveraging GlobalExpense’s core strengths in receipt validation, VAT and income tax compliance, and their extensive knowledge of UK tax legislation.”
The acquisition is expected to increase Concur’s revenues by approximately $0.5 million for the fiscal quarter ending September 30, 2011 and by approximately $5 million for the fiscal year ending September 30, 2012, the company said in a statement.