REDMOND, Wash., July 30 /PRNewswire-FirstCall/ -- Concur (Nasdaq:CNQR), the world's leading provider of on-demand Employee Spend Managementservices, announced that it has agreed to acquire privately-held H-GHoldings, Inc. and its subsidiaries, including Gelco Information Network,Inc., the owner of Gelco Expense Management (Gelco). Gelco provides a widerange of expense management services to its clients, including ExpenseLink.Concur expects the acquisition to be accretive to pro forma earnings infiscal 2008. "Our corporate mission is to help our customers drive down the costs ofdoing business. This acquisition broadens our offerings in areas includingelectronic payment, auditing, and processing of expense reports. We expectto improve scale, expand our market reach, and to drive new value for allof our customers," said Steve Singh, chairman and CEO of Concur. "We lookforward to serving the Gelco customers and we enthusiastically look forwardto welcoming our new colleagues from the Gelco team to Concur." "Gelco shares Concur's passion for delivering continuous value andinnovation to our customers," said Karen Beckwith, president and CEO of H-GHoldings, Inc. and Gelco Information Network, Inc. "We look forward toworking with the Concur team, as together, we will provide our clients withan even broader selection of offerings and exciting new innovations to helpthem control costs and manage employee spend." Under the terms of the agreement, Concur will pay $160 million in cashfor all of the outstanding equity securities of H-G Holdings. The totalamount of the consideration is subject to certain adjustments, escrows, andhold back provisions set forth in the definitive agreement. The company hassecured committed bank financing. The acquisition is subject to customaryclosing conditions and regulatory approvals. Concur will discuss the acquisition of H-G Holdings on its fiscal 2007third 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 mediaand general public by broadcasting the call live over the Internet athttp://www.concur.com. About Concur Concur is the world's leading provider of on-demand Employee SpendManagement services. Concur enables organizations to globally control costsby automating the processes they use to manage employee spending. Concur'send- to-end solutions seamlessly unite online travel booking with automatedexpense reporting, streamline meeting management and optimize the processof managing vendor payments, employee check requests and directreimbursements. Organizations of all sizes trust Concur to help themcontrol spend before it occurs while eliminating paper and optimizingsupplier relations. Concur's unified approach to managing employee spenddelivers a 360 degree view into all employee expenses, helping companiesglobally enforce policies and monitor vendor compliance, while deliveringunprecedented control and valuable insight. Concur's suite of on-demandservices reach millions of employees across thousands of organizationsaround the world -- streamlining business processes, reducing operatingcosts, improving internal controls and providing enhanced visibility andactionable expense analysis. More information about Concur is available athttp://www.concur.com. This press release contains forward-looking statements that areinherently uncertain. These forward-looking statements, such as theanticipated timing of completion of the acquisition, and statements made byMr. Singh, including the anticipated benefits of broader integration of theConcur and Gelco products and services, are based on current expectationsand involve many risks and uncertainties that could cause actual results todiffer materially from current expectations. Factors that could cause orcontribute to actual results differing from current expectations include,but are not limited to: potential delays in market adoption and penetrationof our service offerings; potential difficulties associated with ourdeployment and support of our products and services; our ability to manageexpected growth of our service offerings, including those integrating theGelco expense management service; retention and expansion of customers;continued use and adoption of on-demand services; the scalability of thehosting infrastructure for our integrated service offerings; changes in thelevel of business travel that may reduce the use of our products andservices or inhibit new sales of our integrated products and services;potential difficulties associated with strategic relationships and withdevelopment of new products and services, including those incorporatingGelco's offerings; uncertain market acceptance of our combined products andservices or future products and services; and the overall level of customerdemand 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 riskfactors that could cause actual results to differ materially from currentexpectations. Concur assumes no obligation to update the forward-lookinginformation contained in this press release.
