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SAP Discloses Investment by Chairman s Charity in Joint Venture
05/12/2021 | 09:50am EDT
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By William Boston BERLIN SAP SE, the German software company, said Wednesday that a charity set up by Hasso Plattner, SAP s chairman and co-founder, had invested in a financial-services joint venture SAP had created, but it denied any wrongdoing in not disclosing the investment earlier. After German media reported the existence of the Hasso Plattner Foundation s investment this week, a spokesman for SAP said an extensive compliance review before the transaction turned up no conflict of interest and that neither Mr. Plattner nor Rouven Westphal, the foundation s executive director, had any operational influence over the joint venture.
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Published April 28, 2021, 9:02 AM
SAP and investment company Dediq GmbH announced that they have agreed to enter into a partnership in the area of financial services.
To better serve the rapidly changing banking and insurance industry, the two companies will jointly expand SAP’s financial services portfolio with a significant investment in new solutions. These solutions will be based on SAP software and be integrated into SAP’s overall portfolio and product roadmap.
Pending regulatory approval, SAP and Dediq will form a dedicated Financial Services Industry (FSI) Unit, which will be jointly owned by the two companies. Both SAP and Dediq will provide the FSI Unit with the funding, technology, and development expertise, as well as a broad ecosystem of partners necessary to rapidly establish it as a major force in the FSI IT market. Dediq’s investment in the unit will be more than 500 million Euro.
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SAP Jumps After Lifting Full-Year Guidance on Cloud Business
Bloomberg 1 hr ago Giles Turner and Ivan Levingston © Bloomberg A visitor passes the SAP SE logo at the company s headquarter campus site in Walldorf, Germany, on Tuesday, Jan. 28, 2020. SAP, Europe’s biggest software company, boosted its revenue and operating profit forecasts for 2020 after reporting fourth quarter income that met analyst estimates.
(Bloomberg) Shares of SAP SE hit a six-month high in early trading after the company released preliminary first-quarter results that showed customers are beginning to pick up information technology spending after cutting back during the pandemic.
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The Walldorf, Germany-based software company said late Tuesday it saw a 7% rise in first-quarter cloud revenue and raised the lower end of its full-year forecast for cloud sales. Adjusted cloud revenue was 2.15 billion euros ($2.57 billion) in the period ended March 31.
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