German business software maker SAP said on Thursday it has agreed to acquire U.S.-based expense management software maker Concur Technologies Inc. in an all-stock deal valued at $7.3 billion. The deal expands SAP's presence in internet-based software or so-called cloud computing. SAP is offering $129 per share for Bellevue, Washingron-based Concur, a 20 percent premium over Wednesday's closing price. With the acquisition, the biggest in SAP's history, SAP will increase its cloud users to 50 million from 38 million currently. Cloud computing allows businesses to cut costs by ditching bulky servers for network-based systems using remote data centers run by technology companies. Global business spending on cloud services is expected to jump 20 percent this year to $174 billion, research firm IHS estimates."The acquisition of Concur is consistent with our focus on the business network," said SAP Chief Executive Bill McDermott."We have something big here, guys," he told analysts and reporters during a call.
/ Source: Reuters