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News > International
SAP to buy TopTier
March 30, 2001: 5:49 a.m. ET

Europe's largest software maker to acquire U.S. company for $400 million
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LONDON (CNN) - Europe's largest software maker, SAP of Germany, said on Friday it's agreed to buy U.S. partner TopTier Software for $400 million in cash.

SAP, which signed a strategic alliance with privately held TopTier in 1999,  expects to close the deal in the second quarter of 2001, subject to regulatory approval.

graphicSAP said it's acquiring a bank of software, experienced staff and customers such as DaimlerChrysler (FDCX), Hewlett Packard (HWP: Research, Estimates), Universal Studios and Wells Fargo Bank (WFC: Research, Estimates).

TopTier, which is based in San Jose, Calif., posted about $20 million in revenue in 2000, SAP said.

The German company, the world's largest maker of business software, said it expects the acquisition to have minimal impact on 2001 earnings per share. SAP said it will write off costs related to research and development at TopTier that are not expected to exceed $50 million.

"The acquisition strengthens SAP's leadership in the enterprise portal market and increases SAP's ability to broaden its user base," SAP said.

SAP (SAP3) shares fell 0.8 percent in Frankfurt to graphic133.35 after the deal was announced. graphic




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