Sep. 19, 2014, 12:46 PM
Sep. 19, 2014, 9:24 AM
Sep. 18, 2014, 5:24 PM
- SAP is paying $129/share, or an enterprise value of $8.3B, to acquire top cloud travel/expense management software vendor Concur Technologies (NASDAQ:CNQR). The price represents a 20% premium to Concur's Thursday close.
- The deal is expected to close in Q4 2014 or Q1 2015, and will be financed using a €7B credit facility. SAP notes Concur claims 23K+ customers and 25M+ active users.
- The purchase is the latest in a string of major cloud software acquisitions by SAP, which is counting on cloud growth to offset slumping traditional license sales. Other major cloud-related purchases include SuccessFactors, Ariba, and hybris.
- Previous: Concur reportedly approached SAP, Oracle about acquisition
Sep. 3, 2014, 9:11 AM
Sep. 2, 2014, 5:43 PM
Sep. 2, 2014, 5:28 PM
- Concur (NASDAQ:CNQR) approached SAP and Oracle (NYSE:ORCL) to "gauge their interest" in an acquisition, sources tell Bloomberg. Oracle, set to buy point-of-sale hardware vendor Micros for $5.3B, is said to have passed.
- No details are given on SAP's reaction. Back in January, the German software giant suggested it could make another big cloud software acquisition - it already has a few under its belt. But in April, SAP, which is counting on cloud growth to offset slumping traditional license sales, stated it considers itself under no pressure to make a deal.
- Concur has pared its AH gains: The cloud travel/expense software provider is now up 11%. Its market cap stands at $6.4B.
- Earlier: Concur reportedly exploring sale
Sep. 2, 2014, 4:11 PM
- Bloomberg reports Concur Technologies (NASDAQ:CNQR) is exploring a sale. Shares of the cloud travel/expense management software firm have jumped in response.
- The cloud software space has seen considerable M&A activity. However, Concur is larger than most recent M&A targets - it closed today with a $5.8B market cap, and is valued at $6.8B AH.
Jul. 30, 2014, 3:58 PM
- Ultimate Software (ULTI +7.4%) beat Q2 estimates on the back of a 26% Y/Y increase in recurring revenue (84% of total revenue). The cloud HR software vendor also disclosed on its CC (transcript) it added three new enterprise clients with 10K or more employees; the largest has 40K.
- Full-year guidance for 23% revenue growth (25% recurring growth) has been reiterated. Q3 guidance for revenue of $127M is roughly in-line with a $127.3M consensus.
- A number of cloud software peers have also rallied. Cloud HR/talent management peers Workday (WDAY +6.5%) and Cornerstone OnDemand (CSOD +5.1%) are among the biggest gainers, but others are also doing quite well. CRM +2.7%. NOW +4.7%. LPSN +5.3%. MKTO +4.1%. CNQR +4.8%. JIVE +3.6%. N +4.2%.
Apr. 3, 2014, 3:57 PM
- Today's rout in tech momentum names (the latest in a string) has been especially harsh on enterprise cloud software, security, and big data/analytics plays.
- Major cloud software decliners: NOW -11%. WDAY -9.6%. N -6.5%. CNQR -7.2%. SAAS -6.3%. TXTR -6.3%. ULTI -5.5%. DWRE -8%. MKTO -6.2%. CSLT -9%. RALY -7.2%.
- Salesforce (CRM -4.1%) is following the group lower after announcing plans to offer industry-specific cloud software solutions. Pac Crest thinks Salesforce's top-line will benefit, but is cutting its EPS estimates on margin concerns.
- Security decliners: FEYE -10.3%. PANW -8.2%. KEYW -5.7%.
- Big data/analytics decliners: DATA -7.4%. SPLK -6.9%. QLIK -4.1%. Splunk's selloff comes in spite of a two-notch CLSA upgrade to Outperform.
Jan. 30, 2014, 12:45 PM
Jan. 29, 2014, 5:40 PM
Jan. 29, 2014, 5:11 PM
- Concur Technologies, Inc. (CNQR): Q1 GAAP EPS of -$0.43
- Revenue of $160.3M (+30.5% Y/Y) beats by $4.06M.
- Shares +6.5% AH.
Nov. 7, 2013, 9:49 AM
- HomeAway (AWAY +16.2%) has been upgraded to Neutral by Monness Crespi, and to Strong Buy by Raymond James, after beating Q3 estimates and issuing in-line Q4 guidance.
- Garmin (GRMN -0.4%) has been cut to Neutral by BofA/Merrill. Raymond James downgraded shares a week ago, following Garmin's Q3 results.
- Real Goods Solar (RSOL +6.3%) has been started at Buy by Roth.
- 51job (JOBS -6.7%) has been cut to Underweight by Morgan Stanley after beating Q3 estimates and issuing above-consensus Q4 revenue guidance.
- Concur (CNQR -5%) has been cut to Underperform by BofA/Merrill after beating FQ4 estimates and issuing below-consensus FQ1 guidance.
Sep. 4, 2013, 10:12 AM
- Microsoft (MSFT -1.8%) has been cut to Equal Weight by Morgan Stanley in the wake of the Nokia deal.
- Nokia (NOK +2.1%) has been received four more upgrades - from Raymond James, Jefferies, BofA/Merrill, and BNP Paribas - on top of the upgrades it received yesterday. Meanwhile, Argus has cut shares to Hold.
- Angie's List (ANGI +3.8%) has been upgraded to Outperform by RBC.
- Guidewire (GWRE -4.4%) has been cut to Sell by Citi following its FQ4 report. Though the company beat estimates, it guided on its CC for FQ1 revenue of $61.4M-$63.4M and EPS of -$0.18 to -$0.15, below a consensus of $72M and $0.03. Likewise, FY14 revenue is expected to be in a range of $328.5M-$340.5M, below a $348M consensus.
- InvenSense (INVN +1.1%) has been upgraded to Outperform by Baird.
- Concur (CNQR -1.1%) has been cut to Hold by Wunderlich.
Apr. 15, 2013, 8:06 AM
Concur Technologies (CNQR) falls before the bell after announcing preliminary Q2 results. Non-GAAP pre-tax income per share will be inline with guidance, the company says, but revenue growth is expected to be lighter than previously forecast as top line growth will come in at around 17.5%. Shares -2% premarket.| Apr. 15, 2013, 8:06 AM
Apr. 9, 2013, 10:13 AM