SAP Concur's rivals are getting bigger. Certify and Chrome River on Tuesday announced a merger resulting in Certify parent K1 Investment Management owning a majority stake in a new holding company. Certify and Chrome River said their combined market value was more than $1 billion. Terms related to the sale of Chrome River by investors including management and Bain Capital Ventures were not disclosed.
At least initially, Certify and Chrome River "will operate independently, with separate management teams focused on support for their existing products," according to a press statement. "The companies will support all existing products and collaborate . . .