American Express and Concur Enter into Exclusive Alliance to Offer Corporate Clients T&E Expense Management Services
biz.yahoo.com
Tuesday July 29, 8:18 am ET
American Express Takes a 13% Equity Stake in Concur
NEW YORK--(BUSINESS WIRE)--American Express Company (NYSE: AXP) and Concur Technologies, Inc. (Nasdaq: CNQR), a leading provider of on-demand T&E expense management services, today announced that they have entered into an alliance involving both an exclusive marketing partnership and a strategic investment by American Express in Concur.
Through the marketing alliance, Concur will exclusively promote American Express’s Corporate Cards to its clients and American Express’s Global Commercial Card business will exclusively promote Concur® Expense to its corporate clients. Concur Expense is a market leading on-demand service that streamlines and simplifies T&E expense management. With over 7,000 clients, Concur provides services that address all phases of corporate T&E expense management, enabling companies of all sizes to manage the entire process.
American Express has also purchased 6.4 million shares of newly issued common stock, representing 13% post issuance of the currently outstanding common equity voting interest in Concur, at a price per share of $39.27, for $251 million in cash. American Express also received a warrant in connection with its stock purchase, under which American Express has the right to purchase an additional 1.28 million shares of Concur common stock at any time during the next two years, at $39.27 per share. |
