SAP sees "thrilling" potential in a China it wants to treat as a "second home," CEO Bill McDermott says. The company's $5.8B purchase of Sybase (SY) gives SAP a strong foothold in China's business-management software market, and while declining to provide specifics, he sees "limitless" growth from local demand there.
SAP AG (SAP) confirms it will acquire Sybase (SY) for $65/share, or about $5.8B. SAP's Bill McDermott: "With this transaction, SAP will dramatically expand its addressable market by making available its market-leading solutions to hundreds of millions of mobile users, combining the world’s best business software with the world’s most powerful mobile infrastructure platform." SY up another 14.6% AH to $64.35. (earlier)
SAP buys SY for roughly a 55% premium to the closing price yesterday. Now who thinks this market is overvalued?
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With 2009 annual revenue exceeding $1.1 billion dollars, Sybase is a global enterprise software and services company exclusively focused on managing and mobilizing information. With our global solutions, enterprises can extend their information securely and make it useful for people anywhere...More