Biggest deal made by the enterprise software developer ever.
German enterprise software firm SAP is acquiring expense and travel management tools developer Concur Technologies for $8.3bn.
SAP is offering $129 per share, representing a premium of 20%.
This is the biggest deal by value made by the enterprise software developer as it is striving to restructure its software business for the cloud-computing era.
SAP CEO Bill McDermott said: "The acquisition of Concur is consistent with our relentless focus on the business network.
"We are making a bold move to innovate the future of business within and between companies.
"With Ariba, Fieldglass and Concur, SAP is the undisputed business network company.
"We are redefining how businesses conduct commerce across goods and services, contingent workforces, travel and entertainment. With the SAP HANA platform, the possibilities to innovate new business models around Concur and the network are limitless."
The latest acquisition is expected to take SAP’s business network to $1.2tn corporate travel spectrum.
Concur’s open platform is being currently used by 23,000 employers to connect the corporate travel ecosystem including airlines, hotels and car rental firms.
Concur CEO Steve Singh said: "We are constantly seeking innovative ways to deliver the best customer experience and we’re excited about leveraging SAP technology, including SAP HANA as we scale globally."
Upon the completion of the deal, which is expected in the fourth quarter of this year or the first quarter of 2015, the combined unit will have 50 million users ‘in the cloud’.
The German firm acquired a string of software-as-a-service firms including SuccessFactors for $3.5bn in 2011.