By Sam Boughedda
Investing.com — Software firm SAP SE (NYSE:SAP) said Thursday it is in a deal to acquire U.S. fintech company Taulia.
SAP said the move to acquire Taulia, a provider of working capital management solutions, aims to give companies better access to liquidity and improve their cash flows.
SAP shares are down 6.6%.
Taulia was already an SAP partner, and more than 80% of its customer base, which includes Airbus, Nissan (OTC:NSANY) and AstraZeneca (NASDAQ:AZN), run an SAP ERP system.
The California-based company will remain independent with its own brand within the SAP Group. Its CEO Cédric Bru will stay on in the role, while SAP CFO Luka Mucic will become chairman of the board.
“Taulia strengthens our portfolio and adds value to a point that is key to every company: financial flexibility and stability. With that, they contribute to making supply chains more resilient,” SAP CFO Luka Mucic said.
Adding: “By combining the deep working capital management expertise of Taulia with SAP’s broad CFO solution portfolio and the integration into our core business software and Business Network solutions, we are well positioned to become a leader in working capital management."
Earlier in the day, SAP reported fourth-quarter results, with revenue boosted by growth in its cloud business. Total revenue rose to 7.98 billion euros ($9 billion) from 7.54 billion euros in the fourth quarter of 2020. The company sees cloud revenue in 2022 rising by between 23% to 26%.