SAP acquires U.S. cloud sales software firm

SAP is to acquire cloud-based, sales management software company Callidus Software for $2.4 billion as it seeks further headway into cloud business, Reuters reports.

However, CEO Bill McDermott described the purchase as a one-off deal, saying the German software giant seeks to grow organically.

SAP has invested heavily in cloud services in the past few years. This investment has started to pay dividends, McDermott said, with cloud bookings surging 31% in Q4.

Revenues from SAP’s mainstay software licenses and support operations rose 2% to 4.81 billion euros.

The company is in the third year of a five year strategic transition to wean customers off on-premise software and onto cloud.