GlobalExpense Limited has been acquired by Concur Technologies Inc.
Concur Technologies, Inc. (Concur), the listed US-based provider of business services and software solutions that automate travel and expense management solutions, has acquired GlobalExpense Limited, the UK-based provider of web-based end-to-end expense management services, for a total consideration of US$19 million, excluding earnouts.
GlobalExpense Limited provides expense management software solutions for employee travel and entertaining expense management for companies. The company’s software solution includes compliance with tax and VAT legislation, automated policy compliance, mileage distance verification tools, dual/multiple approval, project recharge capability, detailed reporting, multi-currency, preferred supplier management, spend management tools, driver risk assessment tools, cash advances with reconciliation and recovery features, corporate credit card feeds with reconciliation and recovery features, HMRC approved P11D generation, daily email notification, online training modules, and online document management.
This transaction is in line with Concur’s growth strategy by expanding their management business in Europe. The transaction will also expand Concur’s market in the UK by leveraging GlobalExpense’s knowledge of UK tax law and receipt validation expertise.
Oaklins Cavendish, based in the UK, acted as advisor to the seller in this transaction.
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