Chief Financial Officer, Concur Technologies
By the time Frank Pelzer joined Concur Technologies four years ago, he had already been closely involved with the company. As a director in the Software Investment Banking Group of Deutsche Bank, Pelzer had covered the expense-report-tracking company since its founding by Steve Singh, Rajeev Singh and Mike Hilton. “I gained great admiration for them,” Pelzer says. “They made some great strategic moves, and I helped with some of them.”
As an analyst, Pelzer specialized in companies using Concur’s Software-as-a-Service business model. When he joined Concur, he brought insights about what makes this emerging industry profitable — renting a service “means earning the trust of your customer on a monthly basis” — and helped guide the business as its annual revenue grew from $300 million to $700 million.
Pelzer has had a key role in Concur’s rocketing growth, supervising many acquisitions and shepherding its recent sale to Germany’s SAP in a deal valued at $8.3 billion. While the acquisition wasn’t planned, Pelzer wasn’t greatly surprised. “Anytime you come into a public company,” he says, “there’s always a chance that a bigger fish could swallow you up.”
He expects Concur to blend well with its new parent, given the companies’ shared customer-centric values. Pelzer adds, “I’m very optimistic it will be a successful acquisition for SAP.”