While giving SuccessFactors a rich valuation of 11.6 times revenue, I'm impressed by SuccessFactors's revenue growth. While the company is not yet profitable, its impressive 5-year-average revenue growth of 74% leads me to believe SAP may have bought themselves a star. In comparison, Salesforce.com's 5-year average revenue growth is 40% and its price/revenue is 8.6.
SAP could use a little growth. It's revenues have been growing at a rate less than 8% over the last 5 years.
By buying SuccessFactors, SAP has also disrupted the plans of a number of investors: over 22% of the float has been shorted.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.