Gelco is now Concur

Concur Completes Acquisition of Gelco

Concur (NASDAQ: CNQR), the world's leading provider of on-demand Employee Spend Management services, announced that it has completed the acquisition of privately held H-G Holdings, Inc. and its subsidiaries, including Gelco Information Network, Inc., the owner of Gelco Expense Management (Gelco). Gelco provides a wide range of expense management services to its clients, including ExpenseLink. Concur expects the acquisition to be accretive to pro forma earnings in fiscal 2008.

"Concur remains focused on helping companies of all sizes drive costs out of their businesses while continually delivering increased value and innovation," said Steve Singh, chairman and CEO of Concur. "The acquisition of Gelco enhances Concur's ability to deliver even greater value to all of our clients by expanding our reach and enhancing scale, enabling us to deliver accelerated innovation. I look forward to working together with Gelco's talented team and loyal clients as we continue to set the pace as the leader in employee spend management."

Under the terms of the agreement, Concur will pay $160 million in cash for all of the outstanding equity securities of H-G Holdings. The total amount of the consideration is subject to certain adjustments, escrows, and hold back provisions set forth in the definitive agreement.