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SAP SE and Concur Technologies, Inc. ('Concur') announced on September 18, 2014 that SAP SE's subsidiary, SAP America, Inc., has entered into an agreement to acquire Concur. With more than 23,000 customers, 4,200 employees and 25 million active users in over 150 countries, Concur is the leader in the multi-billion market for travel and expense (T&E) management software. With Concur, SAP's business network - the world's largest - will transact more than USD 600 billion annually, deliver frictionless commerce across more than 25 different industries and address annual corporate travel spend of USD 1.2 trillion worldwide.

The Concur board of directors has unanimously approved the transaction, which is expected to close in the fourth quarter 2014 or the first quarter 2015, subject to Concur stockholder approval, clearances by the relevant regulatory authorities and other customary closing conditions. The per-share purchase price of USD 129 represents a 20% premium over the September 17 closing price, a 21% premium over the one month volume weighted average price per share and an enterprise value of approximately USD 8.3 billion. The transaction will be funded from a credit facility agreement of up to EUR 7 billion to cover the purchase price, target debt refinancing and acquisition-related costs.

Concur has developed an open platform to connect the corporate travel ecosystem, such as airlines, hotels and car rental companies in new and innovative ways. With the addition of the corporate travel ecosystem to the Ariba and Fieldglass networks, SAP’s business network will have an opportunity to power transactions that drive more than USD 10 trillion of global spend annually. Together the two companies will have more than 50 million users in the cloud — more than any enterprise cloud company — and will be the second largest cloud company by measure of revenue.

In connection with the acquisition of Concur, SAP has filed with the U.S. Securitiesand Exchange Commission ('SEC') the following documents:
(2) On September 19, 2014:
A Form 6-K including the following Exhibit:

'Exhibit 99.1: Joint Press Release issued by SAP and Concur dated September 18, 2014'

(3) On September 19, 2014:
A duplicate Form 6-K including the following Exhibit:

'Exhibit 99.1: Joint Press Release issued by SAP and Concur dated September 18, 2014'

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