February 7, 2019 / 3:20 PM / 10 days ago

SAP CEO says no more big M&A until we've digested Qualtrics

FILE PHOTO: The logo of German software group SAP is pictured at its headquarters in Walldorf, Germany, May 12, 2016. REUTERS/Ralph Orlowski/File Photo

FRANKFURT (Reuters) - German business software group SAP will refrain from major takeover deals until it has retired the debt it took on for its $8 billion acquisition of Qualtrics, the U.S. customer sentiment tracking firm, CEO Bill McDermott said.

“We will not do big M&A until we retire the debt on Qualtrics,” McDermott told a capital markets presentation in New York. “Even after that, when I think about the completeness of our portfolio, we don’t need one.”

SAP, Europe’s most valuable technology firm surprised markets with the big-ticket Qualtrics deal, which came despite the company’s guidance that it would focus on ‘tuck-in’ deals to round out its software portfolio.

Reporting by Douglas Busvine; editing by Thomas Seythal

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