SAP says it is paying $3.4 billion for SuccessFactors, a software company specializing in human resources tasks.
The deal, announced Saturday, represents the increased interest in technology companies that deliver software over the Internet, or in the so-called "cloud."
SAP AG is one of the world's biggest business software makers. The German company's specialty is business applications, such as those used for payroll and managing relationships with customers and suppliers.
The purchase price of $40 per share represents a 52 percent premium over SuccessFactors' closing stock price of $26.25 on Friday. The deal is expected to close in the first quarter of 2012.
Source: AP via OfficialWire
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