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SAP confirms purchase of travel expenses platform Concur for $8.3B

Following reports earlier this month about already seeking a buyer, Concur's board of directors have unanimously approved the transaction.

In what has already panned out to be a big day for enterprise IT, SAP is expanding its enterprise software portfolio with a hefty new addition.

The German software giant announced to plans on Thursday to acquire travel expense management platform Concur for $8.3 billion.

Founded in 1993 in Bellevue, Wash. just outside of Seattle, Concur serves more than 23,000 companies and 25 million active users across 150 countries.

When integrated into its cloud business network, SAP is banking on the extra platform to translate into more than $600 billion annually, stemming from e-commerce transactions more than 25 different industries.

Following reports earlier this month about already seeking a buyer, Concur's board of directors have unanimously approved the transaction.

Concur has also been rapidly building upon its business travel expense and invoice platform through deals with popular up-and-comers elsewhere in technology and travel -- namely Airbnb and Uber .

For example, Concur is integrating Airbnb locations into its Triplink service, capturing data and reservations from flights, hotels and ground transportation booked outside a corporate travel system. The system is already employed by more than 70 percent of the Fortune 100.

Employees will be able to make bookings on Airbnb while employers will be kept in the loop about reservations and expenses. Airbnb charges will be automatically pre-populated in Concur for facilitating expense reports.

Concur CEO Steve Singh posited in a statement that this merger with SAP will provide "the opportunity to attract developers and partners to the Concur platform, enabling us to continue to extend the capabilities available to you and your business."

The deal is expected to close in the fourth quarter 2014 or the first quarter 2015. At that point in time, Concur is currently planned to operate within the SAP corporation, initially reporting to the Office of the CEO.

But for the time being, Concur assured customers that there are no changes planned yet regarding current products, services, support, account management, and future roadmaps.