Monday, July 30, 2007

Concur Acquires H-G Holdings

Redmond, Washington-based Concur said today that it has agreed to acquire H-G Holdings, Inc., owner of Gelco Information Network and Gelco Expense Management. Concur said it will pay $160M in cash for H-G Holdings. Gelco Expense Management is a provider of expense management services. Concur said it expects the acquisition to be acretive to its pro-forma earnings in fiscal 2008. Concur operates a software-as-a-service business to help companies manage their employee spending and travel reimbursement and booking.