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What: Shares of Concur Technologies
So what: Concur announced that its integrated travel and expense management offering was selected by the U.S. General Services Administration, or GSA, and will be the sole provider. Concur will facilitate the GSA's online bookings, travel authorizations, and voucher processing, which will result in cost savings and other efficiencies.
Now what: CEO Steve Singh said that the company is looking forward to supporting the federal government for the next 15 years, helping save taxpayers money in the long run. Shares had been trading about even on the day and promptly skyrocketed on the announcement. The company will provide additional details and updated financial expectations related to the GSA contract during the third-quarter earnings conference call.
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