SAP reports 26 percent growth in Software Revenue

By SiliconIndia   |   Friday, 29 April 2011, 06:10 Hrs
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Bangalore: One of Europe's largest software firms SAP announced its financial results for the first quarter which ended on March 31, 2011. SAP reports 26 percent growth in software revenue and 20 percent growth in software and software related service revenue. SAP said that the first quarter revenue of 2011 doubled as compared to first quarter of 2010.

Bill McDermott, Co-CEO of SAP said, "With the upcoming of our fourth largest quarter software revenue results in our history, our strong momentum continued in the first quarter,". He also said that their customers are embracing their innovation and open ecosystem strategy. This is a driving demand across their industry leading portfolio of business applications, analytics, and enterprise mobility solutions. They delivered double-digit revenue growth in all regions, benefitting from an increasing contribution to software revenue from their partner and channel business.

Jim Hagemann Snabe, Co-CEO of SAP, said that "SAP's strategy of growth through innovation is clearly paying off and they remain confident about their future outlook. They also offer great value to their customers with the most modern business suite and analytics solutions in the industry. In addition, their innovations addressing new markets, on demand and mobility are rapidly gaining traction. They are innovating faster in all product areas and continue to increase operational efficiency across the company."

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