SAP to acquire Syclo for undisclosed price
(Associated Press Via Acquire Media NewsEdge) SAN FRANCISCO -- German software maker SAP AG said Tuesday that it will acquire mobile application and technology company Syclo for an undisclosed sum.
SAP, which is one of the world's biggest business software makers, is trying to expand its mobile business as more of its customers rely on wireless devices to conduct their work. SAP specializes in back office business applications, such as those used for payroll and managing relationships with customers and suppliers.
The company said Syclo's expertise in building and selling mobile solutions for utilities, oil, gas life sciences and manufacturing industries will immediately benefit its mobile businesses. The acquisition will also speed its deployment of a new mobile platform that the company was development.
SAP said it is seeking regulatory approval but expects the deal with the Hoffman Estates, Ill.-based company to close this quarter.
Shares of SAP fell $1.33, or 2 percent, to $64.62 in afternoon trading in New York amid a decline in the broader market.
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