Concur’s hunger for acquisitions continues. The Redmond maker of travel and entertainment expense management software today announced that it plans to buy London-based GlobalExpense for as much as $22 million.
“Concur continues to execute against our growth strategies and extend our global leadership in travel and expense management by focusing on the local needs of every market we serve,” said Steve Singh, chairman and CEO of Concur, in a statement. “This acquisition reflects our commitment to continue growing Concur’s investment and presence to serve the large untapped travel and expense management market in Europe.”
The deal is expected to close in the fourth quarter, with GlobalExpense likely to add $5 million in revenue for Concur’s fiscal year ending September 12, 2012. The acquisition includes a $19 million payout, with a potential earnout of $3 million more if milestones are met.
Concur, with a market value of $2.5 billion, has been on a bit of a buying spree as of late. In April, it invested $40 million in online travel company Cleartrip — India’s equivalent of Kayak. And, in January, it bought mobile travel app TripIt for as much as $120 million.
The acquisition of GlobalExpense will increate Concur’s European operations by 33 percent. It follows the company’s expansion efforts in Japan and India.