Concur CEO says SAP acquisition is a ‘big bet’ that will accelerate company growth
SAN FRANCISCO – So, how did Concur land an $8.3 billion acquisition deal with SAP? According to CEO Steve Singh, the key was building out the Bellevue company’s presence in mobile and cloud.
“So, when you start talking about mobile, cloud and open platforms, and you execute against that vision, people start to take notice,” Singh said during his keynote speech at Concur’s Perfect Trip DevCon in San Francisco today. “And the folks at SAP took notice. (SAP CEO) Bill McDermott, who is a fantastic guy, said ‘you know what, I’m starting to buy into this vision.'”
Singh said that the tie-up between SAP and Concur won’t be a typical acquisition deal. He emphatically stressed that his company won’t disappear as a result of the acquisition closing. Instead, Concur’s partnership with SAP will provide tools and funding to expand the business.
“This is an amazing opportunity to take what we have and accelerate even further,” said Singh.
That was an important message to the attendees of today’s conference. Concur — a maker of travel and entertainment expense management software — is still growing its ecosystem for third-party developers. Convincing them to remain through the acquisition will be key.
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