Bellevue-based Concur Technologies has explored a sale and approached companies including SAP to gauge their interest, people with knowledge of the matter said.
Concur, a developer of software that helps businesses manage travel expenses, is working with an investment bank on the sale and also approached Oracle, said the people, who asked not to be named because the information is private. Oracle decided not to pursue a transaction, one of the people said.
Concur also approached Microsoft about its possible interest, according to another person familiar with the situation. Microsoft isn’t interested, the person said.
The news that Concur was looking at a sale pushed its stock up $14.55, or 14.4 percent, to $115.50 in extended trading Tuesday, after it closed the regular session at $100.95. The after-hours surge gives it a market value of about $6.5 billion.
- Designed in Seattle, this $1 cup could save millions of babies
- Trump, Clinton win Washington state primary
- Power restored after major, hour-long outage in downtown Seattle
- Reed brother led detectives to bodies believed to be Arlington couple
- Boeing plans hundreds of layoffs in local IT unit
Most Read Stories
The growth of cloud computing, which involves distributing software through the Internet, is eating into traditional software sales, pushing companies into acquisitions to fend off new competitors. In June, Oracle said it would pay about $4.6 billion to acquire hotel and restaurant software-maker Micros Systems, while International Business Machines acquired SoftLayer Technologies for about $2 billion in 2013 before this year committing another $1.2 billion of spending to bolster its offerings.
Danielle Adams, a spokeswoman for Concur, didn’t immediately reply to messages seeking comment. Representatives for Oracle and SAP declined to comment. Frank Shaw, a spokesman for Microsoft, also declined to comment.
Concur manages business travel and expense software for companies, universities, and the government. The company, which isn’t currently profitable on an annual basis, is expected to report annual revenue of more than $691 million in the year through September, nearly twice its sales in fiscal 2011, estimates compiled by Bloomberg show.
SAP, the biggest maker of business-management software, has been acquiring makers of Web-delivered software to expand a growing part of its business.