SAP, Europe’s biggest software firm and the world’s fourth-largest, has agreed to pay over $350 million in cash for Israel's Gigya, The Marker reported on Sunday.
With 300 employees in Israel, the US and UK, Gigya is estimated to have an annual turnover in the tens of millions of dollars. The company analyzes user data for large publishers. According to Haaretz, Its clients include Fox, Forbes and Turner, and among its investors are Israel’s Vintage Investment Partners as well as Adobe, Intel Capital and Advance Publications, which owns Condé Nast.
SAP, one of the world's largest software houses, is traded at a market cap of $130 billion. The software giant already has two development centers in Israel in Ra'anana and Karmiel and 700 employees in Israel.
SAP declined to comment on the report, but a source in Germany told Globes that an official announcement about the acquisition had been planned for tomorrow, but there had been a leak ahead of time to the Israeli media.