SAP SE Chief Executive Officer Bill McDermott opened the coffers to fund cloud computing growth by buying Concur Technologies Inc. -- and it’s come at a high cost.

SAP agreed to pay about 11 times Concur’s revenue from the past 12 months. That makes it the third-most expensive acquisition of a North American software maker valued at more than $1 billion in the past five years, according to data compiled by Bloomberg.

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