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I can see why SAP (NYSE:SAP) bought cloud-based SuccessFactors (NYSE:SFSF) at a 52% premium. Look at its growth. SAP had to have been drooling. SAP hasn't experienced that kind of growth in over 10 years. SuccessFactors has a blistering five-year revenue growth of 74%, clobbering SAP's 8% and dwarfing's (NYSE:CRM) 40%. Of all the cloud software companies, this one had the most growth. Left another few years, we might have seen sales approach the level of

And that really is the story: How does old tech meet in the cloud? This season, they've gone into the shopping aisles, paying up to get a toe-hold in the cloud.

Oracle (NYSE:ORCL) acquired RightNow (NASDAQ:RNOW), a SaaS play. Not to be left out, IBM (NYSE:IBM) bought DemandTech, another Web-based software company. Even HP (NYSE:HPQ), which had pledged to go on an acquisition diet, came away with privately-held Hiflex, a German cloud computer company specializing in software for print and media industries for an undisclosed sum.

Except for SuccessFactors, none of these acquisitions gives anywhere near the growth or know-how required to catch

Judging by what's left in this space to buy, we're getting into pretty slim pickings. None has startling growth. Yet, the way things are going, I wouldn't be surprised to see a cash-rich tech make a bid for one of them. It's getting pretty crazy out there. Some possibilities:

  • Cornerstone OnDemand (NASDAQ:CSOD) $900 million market cap
  • Kenexa Corporation (KNXA) $750 million market cap

  • NetSuite (NYSE:N) $3 billion market cap

  • Taleo Corporation (NASDAQ:TLEO) $1.7 billion market cap

  • The Ultimate Software (NASDAQ:ULTI) $1.8 billion market cap

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.