January 31, 2019 / 8:24 AM / 6 months ago

Software AG CEO: can spend 1-1.5 billion euros on acquisitions

FRANKFURT (Reuters) - German business Software AG can spend 1-1.5 billion euros ($1.15 billion-$1.73 billion) on acquisitions, CEO Sanjay Brahmawar told Reuters on Thursday, as he seeks to drive growth in data integration and the industrial internet.

Brahmawar, a former IBM executive appointed last year, said in an interview there would be no staff layoffs under a strategy overhaul that he has led at Darmstadt-based Software AG. Larger competitor SAP said this week it would let go of more than 4 percent of its workforce.

($1 = 0.8691 euros)

Reporting by Douglas Busvine; Editing by Riham Alkousaa

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