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What: Shares of cloud software maker Concur Technologies (Nasdaq: CNQR) are heading into the sky today, up by as much as 17%, as the sector is seeing some M&A-related upside.

So what: German software company SAP (NYSE: SAP) announced that it intends to acquire SuccessFactors (NYSE: SFSF) for $3.4 billion. The acquisition is sparking a healthy rally throughout much of the cloud-computing sector, carrying Concur in the updraft.

Now what: SuccessFactors' closest competitor, Taleo (Nasdaq: TLEO), has also skyrocketed to new highs on the announcement. BMO Capital noted that the sector "is being consolidated faster than we were expecting," which can be effectively translated into "there may be more premium-priced acquisitions coming soon." Investors are optimistic that smaller players like Concur may get snapped up by larger companies like Oracle (Nasdaq: ORCL) and SAP as they beef up their cloud offerings.

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