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