(StartName) – Travel management and expense software maker Concur Technologies Inc is exploring sale of the company and has approached Oracle Corp and Germany’s SAP SE, Bloomberg reported citing people with knowledge of the matter.
The company is working with an investment bank on the sale, the report said. (http://bloom.bg/1oAYZY2)
Oracle has declined to buy the company, one person told Bloomberg.
Shares of Concur, known for its travel organizer service “TripIt”, jumped 13 percent to $114 in after market trade.
The stock closed at $100.95 on the Nasdaq on Tuesday, valuing the company $5.7 billion.
Concur spokeswoman Danielle Adams said the company does not comment on rumors or speculation.
SAP and Oracle were not available for comment.
(Reporting by Soham Chatterjee in Bangalore; Editing by Savio D’Souza)