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    SAP   DE0007164600

SAP SE

(SAP)
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Delayed Xetra  -  11:35 2022-08-18 am EDT
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Exclusive-Germany's SAP hires adviser for $1 billion Litmos software sale -sources

05/03/2022 | 01:40pm EDT
The logo of SAP is seen on their offices in Reston, Virginia

LONDON (Reuters) - German software firm SAP is working with investment bank Moelis & Co to sell its corporate learning software business Litmos as it seeks to streamline its operations and focus on cloud-based revenue, three sources told Reuters. The sale of California-based Litmos, which is profitable, could fetch a valuation of more than $1 billion, said the sources, who requested anonymity because the matter is private.

Moelis is expected to start an auction process in the coming weeks and will mainly target tech-focused private equity funds in the United States and Europe, two of the sources said. Representatives at SAP and Moelis declined to comment.

SAP bought Litmos as part of its acquisition of U.S. cloud software firm Callidus for $2.4 billion in 2018, rebranding the platform SAP Litmos.

The business provides learning platforms to corporate clients to develop sales and customer service, and is used by more than 30 million people in 150 countries, according to its website.

The sources said Litmos overlaps with SAP SuccessFactors, a learning platform in the human experience management suite SAP promotes. While both are cloud-based solutions, Litmos is compatible with a variety of HR systems such as ADP and BambooHR, while SAP SuccessFactors is focused on training users to use its own platform.

SAP's Chief Finance Officer Luka Mucic told reporters on a recent call that SAP wants to streamline its operations - including divestments - in order to focus on growth drivers.

Moelis helped SAP with a previous disposal in 2020 when the German software giant sold Digital Interconnect (SDI) to Swedish cloud communications firm Sinch for about $250 million.

SAP listed its experience management software business Qualtrics in the United States last year, remaining its majority owner.

CEO Christian Klein is reviewing SAP's portfolio with the intention of moving towards subscription-driven services and increasing cloud-based revenue.

(Reporting by Emma-Victoria Farr and Krystal Hu, additional reporting by Nadine Schimroszik, editing by Pamela Barbaglia, Jason Neely, Alexandra Hudson)

By Emma-Victoria Farr and Krystal Hu


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
MOELIS & COMPANY 0.00% 47.41 Delayed Quote.-24.16%
SAP SE 0.25% 91.51 Delayed Quote.-26.92%
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Financials
Sales 2022 30 367 M 30 783 M 30 783 M
Net income 2022 3 009 M 3 050 M 3 050 M
Net Debt 2022 5 111 M 5 181 M 5 181 M
P/E ratio 2022 35,2x
Yield 2022 2,12%
Capitalization 107 B 108 B 108 B
EV / Sales 2022 3,69x
EV / Sales 2023 3,36x
Nbr of Employees 110 409
Free-Float 83,5%
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Number of Analysts 28
Last Close Price 91,51 €
Average target price 111,50 €
Spread / Average Target 21,8%
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Managers and Directors
Christian Klein Chief Executive Officer
Luka Mucic Chief Financial Officer
Hasso Plattner Chairman-Supervisory Board
Juergen Mueller Chief Technology Officer
Sabine Bendiek Chief Operating & People Officer
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