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 at
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