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Redmond, Washington (ots/PRNewswire) -
Concur (Nasdaq: CNQR), the world's leading provider of on-demand
Employee Spend Management services, announced that it has agreed to
acquire privately-held H-G Holdings, Inc. and its subsidiaries,
including Gelco Information Network, Inc., the owner of Gelco Expense
Management (Gelco). Gelco provides a wide range of expense management
services to its clients, including ExpenseLink. Concur expects the
acquisition to be accretive to pro forma earnings in fiscal 2008.
"Our corporate mission is to help our customers drive down the
costs of doing business. This acquisition broadens our offerings in
areas including electronic payment, auditing, and processing of
expense reports. We expect to improve scale, expand our market reach,
and to drive new value for all of our customers," said Steve Singh,
chairman and CEO of Concur. "We look forward to serving the Gelco
customers and we enthusiastically look forward to welcoming our new
colleagues from the Gelco team to Concur."
"Gelco shares Concur's passion for delivering continuous value and
innovation to our customers," said Karen Beckwith, president and CEO
of H-G Holdings, Inc. and Gelco Information Network, Inc. "We look
forward to working with the Concur team, as together, we will provide
our clients with an even broader selection of offerings and exciting
new innovations to help them control costs and manage employee
spend."
Under the terms of the agreement, Concur will pay US$160 million
in cash for all of the outstanding equity securities of H-G Holdings.
The total amount of the consideration is subject to certain
adjustments, escrows, and hold back provisions set forth in the
definitive agreement. The company has secured committed bank
financing. The acquisition is subject to customary closing conditions
and regulatory approvals.
Concur will discuss the acquisition of H-G Holdings on its fiscal
2007 third quarter earnings call which will take place on Wednesday,
August 1, 2007 beginning at 2:00 p.m. (PDT). 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. Concur enables organizations to globally control
costs by automating the processes they use to manage employee
spending. Concur's end-to-end solutions seamlessly unite online
travel booking with automated expense reporting, streamline meeting
management and optimize the process of managing vendor payments,
employee check requests and direct reimbursements. Organizations of
all sizes trust Concur to help them control spend before it occurs
while eliminating paper and optimizing supplier relations. Concur's
unified approach to managing employee spend delivers a 360 degree
view into all employee expenses, helping companies globally enforce
policies and monitor vendor compliance, while delivering
unprecedented control and valuable insight. Concur's suite of
on-demand services reach millions of employees across thousands of
organizations around the world -- streamlining business processes,
reducing operating costs, improving internal controls and providing
enhanced visibility and actionable expense analysis. More information
about Concur is available at www.concur.com.
This press release contains forward-looking statements that are
inherently uncertain. These forward-looking statements, such as the
anticipated timing of completion of the acquisition, and statements
made by Mr. Singh, including the anticipated benefits of broader
integration of the Concur and Gelco products and services, 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 Gelco 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 Gelco'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.
Web site: http://www.concur.com
ots Originaltext: Concur Technologies, Inc.
Im Internet recherchierbar: http://www.presseportal.de
Contact:
Investor Contact - John Adair, Concur Technologies, Inc.,
+1-425-497-6439, johna@concur.com; or Press Contact - Stefanie
Johansen, Weber Shandwick for Concur, +1-425-452-5468,
SJohansen@WeberShandwick.com
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