Acquisition of leading European travel and expense management provider continues Concur's commitment to global and local market leadership
REDMOND, Wash., Aug. 3 /PRNewswire/ -- 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 1, 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 organizations 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 5, 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.
About Concur
Concur is the world's leading provider of on-demand Employee Spend Management services. Trusted by thousands of organizations to reach millions of employees, Concur's award-winning solutions streamline business travel and expense reporting, and improve invoice processing -- delivering rapid ROI by helping companies increase efficiency, control employee spend and drive down operational costs. Learn more at www.concur.com.
This press release contains forward-looking statements that are inherently uncertain. These forward-looking statements, such as the statements made by Messrs. Singh and Higelin, including the anticipated benefits of the Etap-On-Line acquisition, are based on current expectations and involve many risks and uncertainties that could cause actual results to differ materially from current expectations. Factors that could cause or contribute to actual results differing from current expectations include, but are not limited to: potential delays in market adoption and penetration of our service offerings; potential difficulties associated with our deployment and support of our products and services; our ability to manage expected growth of our service offerings, including those integrating the Etap-On-Line expense management service; retention and expansion of customers; continued use and adoption of on-demand services; the scalability of the hosting infrastructure for our integrated service offerings; changes in the level of business travel that may reduce the use of our products and services or inhibit new sales of our integrated products and services; potential difficulties associated with strategic relationships and with development of new products and services, including those incorporating Etap-On-Line's offerings; uncertain market acceptance of our combined products and services or future products and services; and the overall level of customer demand for corporate expense management products and services.
Please refer to the company's public filings made with the SEC (http://www.sec.gov) for additional and more detailed information on risk factors that could cause actual results to differ materially from current expectations. Concur assumes no obligation to update the forward-looking information contained in this press release.
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