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Concur Acquires Etap-On-Line in T&E Hook-up
Acquisition of European travel and expense management provider gives employee spend management specialist a beachhead on the Continent
Redmond, WA — August 5, 2009 — Employee spend management specialist Concur has acquired privately held Etap-On-Line, a European provider of business travel and expense management solutions based in Paris as a stepping stone for expanding into the European market, Concur has announced.
Concur said that its solutions help streamline business travel and expense (T&E) reporting, and improve invoice processing. The tools are aimed at helping companies increase efficiency, control employee spend and drive down operational costs.
A recent Aberdeen Group report suggested that organizations can leverage a combination of T&E expense report automation and corporate card programs to achieve superior performance, with best-in-class companies reducing their expense report processing costs by 73 percent.
"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."
Singh said that by extending Concur's investment and presence in Europe, the company would be expanding its market reach to deliver higher value for all its customers. "We look forward to serving the Etap-On-Line customers," Singh said.
"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 expects the acquisition, which closed on August 1, 2009, to be accretive to fiscal 2010 pro forma earnings. Concur is to discuss the acquisition of Etap-On-Line on its fiscal 2009 third quarter earnings call, which will take place today (August 5, 2009) beginning at 2:00 p.m. Pacific Time. Concur said it would open the event to the media and general public by broadcasting the call live via the company's Web site, www.concur.com.
Concur said that its solutions help streamline business travel and expense (T&E) reporting, and improve invoice processing. The tools are aimed at helping companies increase efficiency, control employee spend and drive down operational costs.
A recent Aberdeen Group report suggested that organizations can leverage a combination of T&E expense report automation and corporate card programs to achieve superior performance, with best-in-class companies reducing their expense report processing costs by 73 percent.
"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."
Singh said that by extending Concur's investment and presence in Europe, the company would be expanding its market reach to deliver higher value for all its customers. "We look forward to serving the Etap-On-Line customers," Singh said.
"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 expects the acquisition, which closed on August 1, 2009, to be accretive to fiscal 2010 pro forma earnings. Concur is to discuss the acquisition of Etap-On-Line on its fiscal 2009 third quarter earnings call, which will take place today (August 5, 2009) beginning at 2:00 p.m. Pacific Time. Concur said it would open the event to the media and general public by broadcasting the call live via the company's Web site, www.concur.com.
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