"Because while investors in America (and increasingly China too) have many large and fast growing tech companies from which to choose, in Europe there is really only one firm that in scale and reach can stand comparison with the likes of Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. That is Germany's SAP, or as it is sometimes known, Der Eine (The One)."
"One of the secrets to SAP's success is understanding that in technology, there is never a good time to rest on your laurels, says chief operating officer Sebastian Steinhauser. "We remind ourselves every day that tech is the most competitive industry on earth. With every new wave of innovation the tech space is redefined, new companies pop up and you have to prove yourself again. I am very happy with that.""
"SAP's latest wave of change is moving both its own processes and those of its customers away from traditional (and expensive), bespoke on-site databases and into the cloud. The pivot began in 2020, and-despite some criticism that it was late to the party, which came with an initial 30% slump in the share price-it has proved to be a pretty smart move."
SAP is Europe's largest and most valuable technology company, with a market capitalization approaching €300 billion and a position as the continent's top firm. The company ranks 450th on the Fortune Global 500, employs 109,000 people across over 130 countries, and counts 98 of the world's 100 largest companies among its customers. SAP specializes in back-office enterprise resource planning (ERP) software. The firm began a major cloud migration in 2020, shifting away from bespoke on-site databases. The cloud pivot initially triggered a roughly 30% share-price decline but has subsequently been regarded as a strategically successful move. Chief operating officer Sebastian Steinhauser emphasizes relentless competition and continuous innovation in tech.
Read at Fortune
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