German reinforces the competition with its us challenger Oracle

SAP turn speed. A few weeks after his new double-headed leadership, the world leader in management software you install has filed a friendly bid of Sybase databases software designer. German reinforces the competition with its us challenger Oracle. To get their hands on the majority of the capital of Sybase, pay $ 65 per share in cash, which values the target 5.8 billion (4.6 billion). The offered premium is 44 based on the average course of Sybase on the last three months, but 16 on the last course. The action had jumped Wednesday from 35,05 on rumours of acquisition.

A few days held by SAP of its huge annual "Sapphire" in Frankfurt, this operation is a blow to bright for the new leadership duo formed by the American Bill McDermott and the Danish Jim Hageman Snabe. Walldorf group is thus offers the possibility of achieving the second largest acquisition in its history, just after the resumption of French Business Objects in 2007, to EUR 4.8 billion. The Board of Directors of Sybase has approved the operation unanimously, then the two companies cooperate already for years.

Future will combine the leader of market of applications for business (SAP account 100,000 customers around the world) with the leader of the market for applications developed on portable devices. So, hundreds of millions of users will be able to Exchange data in real-time to facilitate their management decisions, explain the protagonists. The decentralization of computer applications via mobile platforms is a pillar of the strategy pursued by the founder of SAP and Chairman of the Supervisory Board, Hasso Plattner.

In SAP, it argued lately that growth was not through acquisitions of market shares, but by taking dominant positions in new areas. This is exactly the policy conducted in computational intelligence, via resumed three years of Business Objects. It is now for SAP to an entity intended to remain independent and to providing new business opportunities. Sybase's partners Apple, RIM and Nokia, which dominate the market of mobile terminals.

This operation should be effective in the third quarter and contribute this year positively to the result of SAP. Sybase has identified a margin of 30 of the turnover, better than the German who was 24 in the first quarter of 2010 in U.S. standards.

SAP has the means of its ambitions, with a cash flow of EUR 3 billion at end of March, after having raised EUR 1 billion in bonds. This acquisition it is still expensive and will be funded in part by a 2.75 billion euro credit facility provided by Barclays Capital and Deutsche Bank.

Regain the trust of customers

The German giant indeed copies the recipe for Oracle who distinguished himself in recent years by a bulimia in terms of the acquisition. Thus, the firm founded by Larry Ellison could reinforce its leading position in the field of database software, and become the number two management software by hunting in the lands of SAP. It is the rest not to exclude that Oracle, or IBM, can engage in a competing offer.

SAP is offensive after crossing a year eventful under the direction of Leo Apotheker. The sudden ways of this manager had disincentive staff and lead some customers to rebel. Evincé in February, he left his place to a duo who has never hidden its ambitions in terms of the acquisition. Regain the trust of the customers shall go through the next launch, after a long delay, the latest version of its Business by design product, accessible to the application for SMEs.