Concur Technologies (CNQR)

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John Simon

www.zacks.com

Concur Technologies is a provider of business services that automate the processes involved in the management of corporate expense. Concur focuses on reducing costly and inefficient expense processes in businesses of all sizes, by streamlining the reimbursement processes, reducing operating costs, improving internal controls, and enabling customers to apply greater insight into their spending patterns through analytics. Concur's solutions are trusted by thousands of companies worldwide, and includes its flagship Concur Expense Services and software for travel and entertainment expense management. This comprehensive Web-based service includes its Concur Imaging Service, designed to eliminate the hassle of managing paper receipts, and the Concur Analysis Service, for turning raw expense data into valuable business intelligence. With its acquisition of Outtask, the company also became a large player in the Online Travel Management Services area, which broadens the company's product offerings to its clients. The Gelco acquisition was closed on October 1st, 2007, which further strengthened its travel and expense management capabilities and broadened market opportunities. Finally, Concur Travel and Expense 2.0 with Smart Expense went live in October 2007, a service to enable business travelers to book their trip and then enjoy virtually automatic processing of their expense reports. Concur breaks its revenues down into two areas Subscription revenues, and Consulting and Other revenues, (which contains licensing revenues). Subscription revenue (89.9% of revenues for FY07) consists of revenues for subscriptions to the company's suite of expense management products, software maintenance fees, and any other fees charged on a regular basis. Consulting revenues (10.1% of revenues) consists of fees paid for professional services, which includes systems implementation and integration, planning, data conversion, training and documentation of procedures. Other revenues are primarily made up of fees earned from grants of licenses to use its software products. Concur derives over 85% of its revenues from the United States, but also sells its products in Europe and Australia.

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