SAP SE, a market leader in enterprise application software and Concur Technologies Inc., a leading provider of spend management solutions and services have announced that SAP’s subsidiary, SAP America, Inc., has entered into an agreement to acquire Concur.

According to SAP, 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.

Bill McDermott, CEO of SAP says “Concur shares SAP’s vision to help our customers ‘Run simple.’ Concur cloud solutions are network-based and enable context-aware applications for travelers to use on any mobile device. With Concur, people are given the professional courtesy and ultimate flexibility to make the choices that are right for them. No longer does cost control for companies have to come at the expense of people.”

“We have always been focused on making solutions for real customer problems, and with SAP we have a great opportunity to advance that mission,” said Steve Singh, CEO of Concur. “We are constantly seeking innovative ways to deliver the best customer experience and we’re excited about leveraging SAP technology, including HANA as we scale globally.”