June 8, 2010 / 10:31 AM / 9 years ago

UPDATE 1-SAP still open to large acquisitions-co-CEO

* Still on the prowl despite large deals

* Sees successful year in 2010

* Shares slip 1 pct in line with German DAX .GDAXI

(Adds McDermott comments on outlook)

STUTTGART, Germany, June 8 (Reuters) - German software group SAP (SAPG.DE) is on the lookout for acquisitions — including big ones — even after a $5.8 billion deal last month to buy database specialist Sybase SY.N, its co-CEO told shareholders.

“To enhance our market position even more, we continue to search for acquisitions to provide us with innovative functionality and software to complement, enhance, and round out our industry, product, and technology offerings,” Jim Hagemann Snabe said in remarks prepared for SAP’s annual meeting.

“We are also open to larger acquisitions, if it means more value for our customers and shareholders.”

Four months into their new jobs as co-chief executives, Snabe and Bill McDermott pounced on Sybase in what would be the second-largest acquisition in SAP history after its purchase of Business Objects in 2008. [ID:nLDE64C06M]

Far more acquisitive rival Oracle Corp ORCL.O in April bought Phase Forward Inc PFWD.O, the top maker of programmes that help drugmakers run clinical trials, for $685 million, a 30 percent premium at the time. [ID:nN28121047]

Snabe said the Business Objects deal strengthened SAP by enhancing its product offerings, while the Sybase purchase would help it provide services for mobile devices and leverage in-memory technology.

Snabe and McDermott took the reins at SAP this year in a surprise management reshuffle that saw Leo Apotheker quit after just seven months as sole CEO. [ID:nLDE6211ND]

“We are looking forward to a strong 2010. We believe that our return to growth in the first quarter is the beginning of a new SAP,” McDermott told shareholders.

“We have strong momentum in key markets and industries and are uniquely positioned to help our customers transform and grow.” (Reporting by Nicola Leske and Michael Shields; Editing by Louise Heavens)

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