SAP SE ( SAP Quick Quote SAP - Free Report) has announced the acquisition of Askdata for an undisclosed amount to tap the growing demand for data and analytics solutions.
Per a research from
Fortune Business Insights, the global big data analytics market is projected to reach $655.5 billion by 2029, at a CAGR of 13.4% from 2022 to 2029.
Askdata is a startup specializing in search-driven analytics that uses machine learning algorithms to provide a personalized experience to users. Natural language processing is combined with artificial intelligence technologies, enabling users to quickly find the answer to any data question.
This makes it easier for users to search, interact and collaborate on live data without learning a self-service analytics solution. It also allows users to get the most out of their data and enhance business insights.
The data personalization feature, available in multiple languages, connects live to source application without relocating data and keeps the entire business context to offer an insightful response.
Askdata’s intellectual property will be incorporated into SAP Business Technology Platform to assist customers in the SAP Analytics Cloud solution.
SAP continues to invest heavily in the cloud business as the Rise with SAP solutions and S/4HANA solutions gain traction. Previously, SAP
announced the availability of a new solution within the SAP Signavio software that integrates experience data obtained from end-user surveys (customer, supplier or employee) with core IT systems.
It will enable enterprises to enhance their end-to-end business processes and boost operational efficiency and customer experience.
The company recently provided strong
second-quarter revenue numbers driven by strength in the cloud business. Total revenues, on a non-IFRS basis, were €7.517 billion ($8.009 billion), up 13% year over year (up 5% at constant currency or cc).
In the second quarter, S/4HANA adoption rallied more than 15% (or 650 new clients) year over year to around 20,000 customers. SAP S/4HANA Cloud revenues increased 84% (up 72% at cc) year over year to €472 million.
SAP S/4HANA’s current cloud backlog was up 100% (up 87% at cc) year over year, which indicates the growing demand for this product.
However, the company has lowered full-year operating profit guidance due to the €350-million negative impact of the war in Ukraine and expectations of a decline in software licenses revenues.
SAP is a leading provider of enterprise resource planning software catering to the need of organizations. The demand for the software ranges from small and medium businesses to large, global enterprises.
SAP currently carries a Zacks Rank #2 (Buy). Shares of the company have lost 35.2% compared with the
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