Travel and expense management specialist Concur has purchased GlobalExpense, a London based online expense management company.
The £12 million GlobalExpense deal is expected to increase 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 deal also includes a performance-based contingent earn-out of up to £2 million.
Steve Singh, chairman and CEO of Concur said: “This acquisition reflects our commitment to continue growing Concur’s investment and presence to serve the large untapped travel and expense management market in Europe.”
“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.”
“We welcome the GlobalExpense team to Concur and look forward to working together to deliver even more value to employees, clients and partners.”
This latest purchase comes on the heels of Concur’s acquisition of TripIt.