October 9, 2008 / 7:49 AM / 11 years ago

SAP imposes cost savings as financial crisis looms

FRANKFURT, Oct 9 (Reuters) - German software maker SAP (SAPG.DE) will impose cost savings measures immediately to prepare the company for any developments stemming from the financial crisis, a spokesman said on Thursday.

“The board has decided on these measures so that the company is prepared to cope with the financial crisis in the future, depending on how it develops,” the spokesman said.

On Monday, SAP — the world’s biggest maker of software that mid- and large-sized companies used to manage their businesses — said its sales abruptly dropped off in the last two weeks of September as companies curtailed business software spending amid a widening financial crisis.

The spokesman said co-chief executives Henning Kagermann and Leo Apotheker told staff, at a meeting on Tuesday and via an email on Wednesday, of the latest business developments and disclosed cost-savings measures that included a hiring freeze and trimming variable costs such as travel expenses.

SAP had, on Monday at a conference with analysts, said it would impose the hiring freeze. (Reporting by Marilyn Gerlach; Editing by Andrew Macdonald)

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