Software AG to expand in Middle East

CEO of German software giant makes first visit to the region

Tags: Software AG
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Software AG to expand in Middle East Software AG looks to double its business globally every 5-6 years, says Streibich.
By  Mark Sutton Published  October 1, 2010

Software AG has spelled out is plans for expansion in the Middle East, during the first visit of CEO Karl-Heinz Streibich to the region.

Streibich said that the company will pursue aggressive growth plans, to match lucrative prospects in the region, and to support a growing customer base in key markets like Saudi Arabia. He also noted that the merger of the local teams of Software AG and IDS, which was acquired by Software AG last year, had helped boost the company in the local software market.

"We believe that the Middle East market will play a crucially important role in further consolidating our leadership in the global software industry. We will continue to invest and grow our business in the Middle East as intellectual capital increasingly becomes a driver of competitiveness and a key enabler of growth and wealth in the region. With new growth opportunities fast emerging in the Middle East, Software AG will likewise continue to proactively develop automated, predictive and smart business process solutions that will help strengthen the foundation for a robust digital and knowledge-based economy," Streibich said.

On a global level, Streibich said that Software AG aims to double in size every five to six years, and to make one major acquisition every two to four years, as part of a consolidation strategy. Software AG is also seeking to make the DAX list of the top 30 German blue chip companies listed on the Frankfurt Stock Exchange.

Marco Gerazounis, senior vice president, Software AG Middle East, added: "The visit of Mr. Karl-Heinz Streibich is part of efforts to highlight the growing importance of the Middle East in the global software industry, while it also underlines his personal commitment to support the growth of the industry in the region. Mr. Streibich has also emphasized during his visit that Software AG will remain highly responsive to the needs and emerging requirements of our clients in the Middle East. This certainly sends a strong message to our customers and business partners in the region that Software AG will be here for the long-term to provide strategic support and help businesses harness the full potential of business process solutions."

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