FRANKFURT (Reuters) - German business software maker SAP can realize its growth target for its Internet-based or so-called cloud business without acquisitions, the company’s incoming financial chief said on Thursday.
SAP expects its total revenue to rise to at least 22 billion euros by 2017, of which 3-3.5 billion will come from the cloud business, compared with 787 million euros last year.
Analyst have suggested SAP will need to make more acquisitions to reach that goal.
Luca Mucic, who will succeed Werner Brandt as financial chief next month told Reuters that he would keep an eye for potential targets, but that there is no need as sales in the cloud business jumped by more than a third in the first quarter.
“We never have excluded acquisitions where we need to complete our portfolio and targets are available,” Mucic said.
He added that at current growth rates the 2017 target of 3-3.5 billion euros in sales from cloud business could be reached organically.
Chief Executive Bill McDermott has said he would look at potential acquisition targets but said on Thursday he was not in “hot pursuit”.
Reporting by Harro Ten Wolde and Ilona Wissenbach; Editing by Kirsti Knolle