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Concur Technologies considers sale of company: Bloomberg

Travel management and expense software maker Concur Technologies is exploring a sale of the company and has approached Oracle and Germany's SAP, Bloomberg reported, citing people with knowledge of the matter.

The company is working with an investment bank on the sale, the report said.

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Oracle has declined to buy the company, one person told Bloomberg.

Steven 'Steve' Singh, chairman and chief executive officer of Concur Technologies Inc.,
David Paul Morris | Bloomberg | Getty Images
Steven 'Steve' Singh, chairman and chief executive officer of Concur Technologies Inc.,

The deal could make sense for both Oracle and SAP since it would make both companies more competitive with Workday , analyst Daniel Ives from FBR Capital said in a note.

Ives sees SAP as the likely buyer because Oracle recently spent about $5.3 billion to acquire MICROS Systems.

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SAP Chief Executive Officer Bill McDermott and his former co-CEO, Jim Hagemann Snabe, have spent more than $15 billion since 2010 buying suppliers of Web-delivered applications in areas including human resources and purchasing, as well as database maker Sybase, the report said.

Shares of Concur, known for its travel organizer service "TripIt," jumped 13 percent to $114 in after-market trade. (Click here for the latest quote.)

The stock closed at $100.95 on the Nasdaq on Tuesday, valuing the company at $5.7 billion.

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Concur spokeswoman Danielle Adams said the company does not comment on rumors or speculation.

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SAP and Oracle were not available for comment.

By Reuters