SAP buys CallidusCloud for United States dollars 2.4 bln

SAP buys CallidusCloud for United States dollars 2.4 bln

SAP buys CallidusCloud for United States dollars 2.4 bln

In another release, the company said that its subsidiary SAP America Inc. has entered into an agreement to acquire CallidusCloud for $36 a share, representing an enterprise value of about $2.4 billion.

SAP shares are trading lower Tuesday, reversing earlier gains, as the German-based software business announced preliminary results that were positive but toward the lower end of expectations, following an upbeat pre-assessment from SAP's chief executive. He added: "This move gives customers precisely what they want: market-leading sales performance management (SPM), sales execution (CPQ) and sales enablement clouds combined with SAP Hybris and S/4HANA". It will start being accretive to SAP earnings from fiscal 2019.

Technology research firm Gartner ranks Callidus as the market leader in the emerging category of sales performance management software, an $850 million market that it forecasts to grow around 12 to 13 percent a year to around $1.4 billion by 2022.

Meanwhile, SAP's flagship S/4 Hana software added 1 000 customers including Unilever and Puma in the fourth quarter to reach more than 7 900 users, a greater intake than in the previous three-month period.

All of SAP's regional businesses are growing at double digits, McDermott said, highlighting "hyper growth" in China. It expects non-IFRS operating profit to be between EUR7.3 billion and EUR7.5 billion at constant currencies, and non-IFRS total revenue of between EUR24.6 billion and EUR25.1 billion at constant currencies.

In addition, SAP now anticipates its total operating profit growth rate in an 8%-11% range. The existing management team will continue to lead CallidusCloud. The offer is a 21% premium to the 30-day volume-weighted average price of the target.

"The addition of CallidusCloud aligns perfectly to SAP's innovation strategy to transform the front office", SAP's McDermott said of the deal. "SAP gives CallidusCloud the global scale to accelerate its already impressive growth", SAP CEO Bill McDermott said in a statement.

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