SAP CEO Bill McDermott on Tuesday welcomed a $1.3 billion investment by activist...
FILE PHOTO: SAP CEO Bill McDermott speaks at the Viva Tech start-up and technology summit in Paris, France, May 24, 2018. REUTERS/Charles Platiau/File Photo
“They have been a fantastic investor. I am very proud they have chosen SAP,” McDermott told reporters on Tuesday at Sapphire Now, SAP’s annual U.S. user conference in Orlando, Florida. The purchase of a stake of 1 percent sent SAP’s shares to a record high, although they have since given back some of the gains. With a market cap of about $150 billion, the German business software group is Europe’s most valuable technology company.
SAP’s cost base could rise by 40 percent between now and 2023 it would still be able to hit its operating margin goal, said McDermott, who earlier gave an upbeat address to the gathering attended by 30,000 delegates.
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