Mergers and Acquistions News
Categories: IT Services & Consulting
December 5th 2011, 16:26PM
Business management software company SAP signed a takeover of human resource management software firm SuccessFactors for $3.4 billion (£2.17 billion) over the weekend (December 3rd).
The merger and acquisition will help SAP move further into the cloud computing industry, providing a range of cloud applications, platforms and infrastructure end-to-end.
It comes after SAP took a series of strategic moves in certain growth areas, namely in analytics, core applications, memory technology and the cloud.
The per share purchase price represents a 52 per cent premium over the closing price of SuccessFactors as of December 2nd and the one month volume weighted average price per share.
Commenting on the acquisition, Bill McDermott, co-chief executive officer at SAP, said that the move would create a "cloud powerhouse".
"The cloud is a core of SAP's future growth," he added. "The acquisition will help us address the top priority for CEOs globally – managing people and talent."
SuccessFactors has more than 3,500 customers in 168 countries and is believed to have the largest number of cloud users. It is also growing rapidly, with 77 per cent revenue growth year-on-year in quarter three of 2011.
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