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TBR 2Q11 SAP Initial Response

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Technology Business Research is a different kind of research company. Our bottoms-up approach provides a look at the technology industry unlike anything you’ve seen before. We analyze company …

Technology Business Research is a different kind of research company. Our bottoms-up approach provides a look at the technology industry unlike anything you’ve seen before. We analyze company performance in professional services, networking and mobility, computing and hardware, and software on a quarterly basis, leveraging our data to create industry benchmarks and landscapes that provide a business perspective on leaders and laggards and their business plans. We are experts in the business of technology.

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  • 1. SOFTWARE BUSINESS QUARTERLYSM2Q11 INITIAL RESPONSESAP AGSecond Calendar Quarter 2011Second Fiscal Quarter 2011 Ended June 30, 2011Publish Date: July 27, 2011Author: Elizabeth Hedstrom Henlin, Enterprise Software Analyst(elizabeth.hedstromhenlin@tbri.com)Content Editor: Stuart Williams, Software Practice Director TBR T E C H N O L O G Y B U S I N E S S R ES E AR C H , I N C .
  • 2. TBR Position TBRA stabilized, focused and reinvigorated SAP has recouped ground lost in2008, setting the stage for a possible record performance in 2011TBR Assessment Corporate Strategic ObjectivesSAP’s 2Q11 performance was strong across all Target growth with an “orchestrated” product portfoliosegments, with growth in all geographies, 14% total centered on “on-premise, on-demand, on-device”revenue growth year-to-year, and 26% year-to-year During 2Q11, SAP announced the global availability ofgrowth in software license revenues for both the SAP Sales OnDemand, HANA and SAP’s Business Onequarter and half-year. In addition, SAP executives hosting option, increasing the depth of, andannounced that 1H11 achieved the “highest operating integrations between, its core portfolio offerings.cash flow for a first half-year in SAP’s history.” Drive revenue growth and customer satisfaction throughHaving outpaced competitors’ growth, SAP is now co-innovationsitting in the driver’s seat for the second half of 2011. Notable expansions of SAP partnerships during 2Q11The company is well-positioned to capitalize on new include relationships with Amazon Web Servicesopportunities, particularly in the aftermath of its (delivering SAP Rapid Deployment and BusinessObjectsSAPPHIRE conference and the Sybase, HANA, Solutions via Amazon’s cloud), Dell (optimizing Dell’sBusinessObjects and On-Demand product launches hardware to deploy HANA applications), and Accentureannounced at that event. (implementing new joint mobility solutions leveraging SAP 2Q11 PERFORMANCE VS. EXPECTATIONS the Sybase Unwired platform within growth industries).In $ Millions, except EPS Consensus Guidance Range ActualRevenue $ 4,316 SSRS 12%-15% YTY $ 4,747 Leverage customer adoption of cloud, businessOperating Income N/A 30%-31% OM $ 1,234 intelligence and analytics, and mobility to drive cross-Non-IFRS EPS $ 0.83 N/A $ 0.70 selling and increased share-of-wallet SAP 3Q11 GUIDANCE AND EXPECTATIONS In March, SAP announced plans to launch new industry-In $ Millions, except EPS TBR Estimate Consensus Guidance Range specific HANA applications as well as enhance existingRevenue $ 4,410 $ 4,574 SSRS 12%-15% YTY SAP solutions with HANA technology. SAP is leveragingOperating Income $ 1,248 N/A 30%-31% OM Sybase’s sales team to aggressively drive the growth ofNon-IFRS EPS N/A $ 0.51 N/A Sybase products within the SAP install base.Reported euros are converted to U.S. dollars using the average quarterly exchange rate of 1.44 dollars per euro.2 SAP 2Q11 Initial Response | Software Business Quarterly ©2011 Technology Business Research, Inc.
  • 3. Executive Summary TBRWhile SAP touts its product innovation, numerous customerendorsements are driving acceptance of the company’s renewed portfolio Key Developments • SAP released its 2Q11 financial results on July 26, touting double-digit growth across geographies, controlled costs, and expansion across all lines of business. • During the conference call on July 27, co-CEOs Jim Hagemann Snabe and Bill McDermott were confident in the quarter’s performance and milestones, With its leadership highlighting marquee customer wins worldwide. thrilled by strong 2Q11 • The company is dedicating resources and personnel to new initiatives aimed at results, SAP announced its improving customer value, particularly industry-specific modules of core ERP earnings a day ahead of products intended to drive additional efficiencies and insights within mission- schedule critical applications. • SAP’s competitors should be mindful of the company’s reinvigorated state of mind. Should SAP’s new initiatives, led by HANA, as well as the open communication led by Hagemann Snabe and McDermott, win SAP new business and advocates, rivals may be facing a juggernaut in the market. • With more than 50 deployments to date, HANA possesses credibility with HANA – an analytic leading customers and is building a more mainstream pipeline. application built on core • Customer testimonials in support of HANA were central to SAP’s story at competencies and co- SAPPHIRE 2011. Nestle and Colgate Palmolive cheered the solution’s ability to innovated with partners – accelerate time to insight while driving vision into granular detail. is the vanguard of SAP’s • SAP executives claim a HANA pipeline of “10 million euro per week” and are re-envisioned portfolio spending what they must to close deals, investing in marketing and touting global reference customers like Mitsui, Bosch, BASF, and SAP itself.3 SAP 2Q11 Initial Response | Software Business Quarterly ©2011 Technology Business Research, Inc.
  • 4. Executive Summary TBR With a solid 2Q11 segment performance behind it, SAP can invest its record operating cash flow in solutions designed to accelerate growth Segment Revenue Performance and StrategiesTBR Segment Financials SAP NET REVENUE, GROWTH AND PROJECTIONS $24,000 Software revenue climbed 26% year-to-year, $20,000 $20,684 reaching €802 million for the quarter and $18,232 28.3% 26.7% €1,385 million for the first half of 2011.In $ Mi l lions 26.8% Opera ting Ma rgin $16,000 26.0% 27.5% Software $12,000 23.8% 19.7% 20.6% TBR predicts that 2H11 will recognize growth 27.5% $8,000 13.3% $14,822 $16,544 of maintenance revenue streams, stemming $4,000 $3,684 $3,878 $5,512 $4,068 $4,747 $4,410 from the segment’s 1H11 growth. $987 $922 $735 $803 $1,234 $1,248 $3,956 $3,414$5,014 $5,688 $0 Support revenue grew 10% year-to-year in 2Q11, reaching €1,681 million. Support With 14% year-to-year growth in 1H11, TBR Revenue Operating Profit Operating MarginSOURCE: TBR AND SAP believes this segment will be the engine driving improved top-line profitability for SAP TBR SAP PERCENT REVENUE BY SEGMENT for the remainder of 2011. 60% Consulting revenue held steady, growing 17% Percent Apps Revenue 50% year-to-year to €579 million and remaining 40% constant at 9% of total revenue. 30% With the increasing concentration of 20% Services resources in its ecosystem, TBR believes SAP 10% will scale investments to build out 0% implementation services teams in support of 2Q10 3Q10 4Q10 1Q11 2Q11 jointly engineered solutions, a strategy that License Support Services shares cost, risk, and revenue with partners. SOURCE: TBR AND SAP AG Reported euros are converted to U.S. dollars using the average quarterly exchange rate of 1.44 dollars per euro. 4 SAP 2Q11 Initial Response | Software Business Quarterly ©2011 Technology Business Research, Inc.
  • 5. Financial Model Strategy TBRBalanced costs and investments enable SAP to bring an array of newproducts to market without burdening performanceRevenues and Cash Flows TBR SAP OPERATING METRICS• Total 2Q11 revenue reached €3.3 billion, increasing 14% over $7,000 2Q10’s total revenue of €2.89 billion. $6,000• TBR feels that if SAP concludes 2011 in the same manner as it $1,234 Operating Income closed this quarter, the company will be well-positioned to $5,000 $987 $1,313 In $ Mi l lions “achieve *its+ goal of at least €20 billion in total annual $4,000 SG&A $1,036 $673 revenue and a 35% operating margin by the middle of the $3,000 $505 decade, as well as for the long term,” as noted by CFO R&D $2,000 Werner Brandt in the 2Q11 earnings announcement. $3,232 $2,523 $1,000Expenses Gross Income $0• As a percentage of total revenue, R&D climbed to 15.3% 2Q10 2Q11 (compared to 14.6% in 1H10), demonstrating SAP’s ongoing SOURCE: TBR ESTIMATES AND SAP AG commitment to product innovation as a vehicle for growth.• In 1H11, total R&D spiked 22% year-to-year to €966 million TBR SAP OPERATING RATIOS and rose 70 basis points in 2Q11, primarily due to acquired 100% headcount and the year-to-year addition of Sybase in SAP’s 90% COGS 31.5% 35.4% reporting totals. 80% 70% S&M % of RevenueMargins 60% 22.7% 22.5%• Operating margin for 2Q11 fell slightly year-to-year to 26%, 50% G&A 5.4% 5.2% compared to 2Q10’s recorded operating margin of 26.7%. 40% 13.7% 14.2% R&D 30%• While growing across the board year-to-year, SAP’s overall 20% Operating costs did not outpace revenue growth, allowing the company 10% 26.7% 26.0% Margin to post improved operating margins of 28.2% for the first half 0% 2Q10 2Q11 of 2011, compared to 27.2% a year earlier. SOURCE: TBR ESTIMATES AND SAP AGReported euros are converted to U.S. dollars using the average quarterly exchange rate of 1.44 dollars per euro.5 SAP 2Q11 Initial Response | Software Business Quarterly ©2011 Technology Business Research, Inc.
  • 6. Product Strategy TBRSAP is investing in its future, launching HANA as the vanguard of are-envisioned SAP portfolio – easier to deploy and more cost-efficientPartnerships will be a key resource for SAP to extend its customer base and drive the global scale ofHANA into many new markets. Solutions TBR believes SAP’s proven business intelligence portfolio, amplified in Services Offerings past quarters with the BusinessObjects acquisition, increases customer Offerings assurance and confidence in both SAP and the HANA appliance, paving a path for rapid HANA adoption and subsequent share growth for SAP. BI • SAP demonstrated the integral place HANA holds at the core of its business through new partnerships, new leadership, and substantial Consulting investments in product enhancements during 2Q11 – resting its strategy Applications for near-term growth on the success of this appliance. • The rise of Big Data among many enterprises has increased the demand for business analytic and intelligence solutions such as HANA across the Premium Middleware market. The adeptness with which the HANA in-memory solution & Databases accelerates customers’ ability to drive value from their data empowers SAP to tap into new customer bases. SAP is investing to capitalize on that opportunity. Base Support Operating • In 2Q11, SAP appointed a new EVP of SAP HANA, Christoph Kollatz, and Systems announced expanded partnerships supporting this appliance with Tier 1 partners Cisco, Dell, and Fujitsu. • In addition, the company launched SAP ERP Rapid-Deployment, based on Education Appliances HANA, and BusinessObjects 10.0, a Business Analytics solution that expands HANA functionality – core products designed to improve cross- selling within SAP’s install base.6 SAP 2Q11 Initial Response | Software Business Quarterly ©2011 Technology Business Research, Inc.
  • 7. Go-to-Market Strategy TBRSAP’s growth is being augmented by resellers, as these partners ferrySAP products into the cloudWith the enterprise well aware of SAP’s strengths, the company is looking to SME customers for net-new growth with its “on-demand” portfolio and to its partners for help speeding time to revenue.• As stated by co-CEO Jim Hagemann Snabe, “innovation is SAP 2Q11 Revenue Mix (In € Millions) driving growth again at SAP.” The rapid growth of HANA proves SAP is accurately viewing customer needs and can now position both net-new and iterated products to Software- Related address them. Services• SAP is now pushing its “on-demand” offerings into the SME € 96 segment with its partners’ help, winning share with 4% relatively low cost-outlay while addressing a key customer Software € 802 pain point – cost and time of implementation. 31%• 2Q11 SaaS product releases of SAP Sales OnDemand, BusinessObjects Edge 4.0, and a subscription-based hosted Support model of SAP Business One have armed SAP with an € 1,681 attractive cloud-centered arsenal with which to engage its 65% partners and attract SME customers.• SAP’s commitment to re-energize and expand its ecosystem will give it the opportunity to outpace competitors focused on organic or acquisition-driven growth.• Through open and active engagement with partners, SAP can proactively position itself at the top of “sell-with” lists, cutting its major competitors out of the hearts and minds of ERP go-to-market ecosystem leaders.Reported euros are converted to U.S. dollars using the average quarterly exchange rate of 1.44 dollars per euro.7 SAP 2Q11 Initial Response | Software Business Quarterly ©2011 Technology Business Research, Inc.
  • 8. Resource Management Strategy TBRIn 2Q11, SAP dedicated global resources to building leadership anda partner foundation for growth TBR SAP REVENUE BY REGIONStrategy $5,000• Reinvent strategic outreach in wake of difficulties in prior $4,500 years, including focus on centers of innovation. $4,000 $1,709• Build global market share, particularly in BRIC countries. $3,500 In $ Mi l lions Americas $3,000 $1,371• Work with partners to drive modular offerings for $2,500 EMEA customers in key verticals and geographies. $2,000 $2,322 $1,500 Asia Pacific $1,770Global Developments $1,000 $500• In 2Q11, SAP expanded its regional go-to-market $544 $716 $0 partnerships, notably in the United Kingdom with Logica 2Q10 2Q11 and the Onyx Group, and in Malaysia with Cisco. Ca l endar Quarter• In July, SAP purchased a new development facility in SOURCE: TBR AND SAP AG Ireland, which will house 100 new R&D employees. SAP will continue developing the innovation center planned for TBR SAP SEGMENT REVENUE Germany, as announced in 1Q11, and will invest $5,000 €15.8 million in the location. $4,500 Revenue i n $ Mi llions $1,037Leadership Announcements $4,000 $3,500• Angelika Dammann stepped down from the role of chief $3,000 $785 Services human resources officer. CFO Werner Brandt will assume $2,500 $2,418 Support $2,000 those responsibilities until a replacement is hired. $1,500 $1,943 Software• SAP appointed Christoph Kollatz executive vice president $1,000 $1,292 for HANA in June. $500 $932 $-• Co-CEOs Jim Hagemann Snabe and Bill McDermott saw 2Q10 2Q11 their contracts extended in 2Q11, and will serve in their Ca l endar Quarter current roles through June 2017. SOURCE: TBR ESTIMATES AND SAP AG8 SAP 2Q11 Initial Response | Software Business Quarterly ©2011 Technology Business Research, Inc.
  • 9. 2Q11 Income Statement and Estimates TBR SAP AG CONSOLIDATED STATEMENT OF INCOME TBR (in € Thousands; except shares in millions)Note: CALENDAR QUARTER 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 Est. FISCAL QUARTER 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 Est.Income Statement Total Revenue € 2,894,000 € 3,003,000 € 4,058,000 € 3,024,000 € 3,300,000 € 3,278,350reported using IFRS Cost of Sales € 912,000 € 1,044,000 € 1,141,000 € 1,072,000 € 1,053,000 € 1,049,000 Gross Profit € 1,982,000 € 1,959,000 € 2,917,000 € 1,952,000 € 2,247,000 € 2,229,350 Sales and Marketing € 658,000 € 642,000 € 787,000 € 677,000 € 743,000 € 656,000 General and Administrative € 156,000 € 157,000 € 177,000 € 177,000 € 170,000 € 180,000 Research and Development € 397,000 € 453,000 € 481,000 € 498,000 € 468,000 € 466,000 Restructuring € 1,000 € (2,000) € (2,000) € - € 1,000 € - Other Expenses € (4,000) € (7,000) € 931,000 € 3,000 € 8,000 € - Operating Expense less COGS € 1,214,000 € 1,261,000 € 516,000 € 1,349,000 € 1,372,000 € 1,302,000 Total Operating Expenses € 2,126,000 € 2,305,000 € 1,657,000 € 2,421,000 € 2,425,000 € 2,351,000 Operating Income € 774,000 € 716,000 € 543,000 € 597,000 € 857,000 € 927,350 Losses on Equity Investees & Other € (12,000) € (14,000) € (42,000) € (14,000) € (38,000) € - EBITD € 676,000 € 689,000 € 451,000 € 583,000 € 804,000 € 895,350 Income Taxes € 185,000 € 188,000 € 14,000 € 180,000 € 216,000 € 278,000 Net Income € 491,000 € 501,000 € 437,000 € 403,000 € 588,000 € 617,350 Earnings per Share € 0.41 € 0.42 € 0.37 € 0.34 € 0.49 € 0.52 Shares Outstanding (in millions) € 1,189,000 € 1,188,000 € 1,188,000 € 1,189,000 € 1,189,000 € 1,189,000 AS A PERCENTAGE OF REVENUE Cost of Product 14.3% 17.1% 13.5% 16.4% 15.0% 15.5% Cost of Services 17.2% 17.6% 14.6% 19.1% 16.9% 16.5% Cost of Sales 31.5% 34.8% 28.1% 35.4% 31.9% 32.0% Gross Margin 68.5% 65.2% 71.9% 64.6% 68.1% 68.0% Sales and Marketing 22.7% 21.4% 19.4% 22.4% 22.5% 20.0% General and Administrative 5.4% 5.2% 4.4% 5.9% 5.2% 5.5% SG&A 28.1% 26.6% 23.8% 28.2% 27.7% 25.5% R&D 13.7% 15.1% 11.9% 16.5% 14.2% 14.2% Operating Margin 26.7% 23.8% 13.4% 19.7% 26.0% 28.3% Other, Net -3.0% -0.4% -1.2% 0.0% -1.1% -1.0% Investment Income 0.0% 0.0% 0.0% 0.0% 0.6% 0.0% EBITD 23.4% 22.9% 11.1% 19.3% 24.4% 27.3% Income Taxes 6.4% 6.3% 0.3% 6.0% 6.5% 8.5% Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Net Margin 17.0% 16.7% 10.8% 13.3% 17.8% 18.8% YEAR-TO-YEAR CHANGE Total Revenue 12.3% 19.7% 27.2% 20.5% 14.0% 9.2% Cost of Services 6.4% 21.6% 34.9% 27.9% 12.3% 2.1% Cost of Sales 5.2% 23.1% 27.3% 26.1% 15.5% 0.5% Gross Profit 16.0% 18.0% 27.2% 17.7% 13.4% 13.8% Sales and Marketing 17.3% 24.7% 30.7% 21.5% 12.9% 2.2% General and Administrative 26.8% 15.4% 8.6% 19.6% 9.0% 14.6% SG&A 19.0% 22.7% 26.0% 21.1% 12.2% 4.6% R&D 6.4% 18.9% -1.8% 26.7% 17.9% 2.9% Operating Income 20.7% 18.2% -48.6% 7.2% 10.7% 29.5% Other, Net -290.9% 68.3% -194.1% 100.0% 59.3% -146.2% EBITD 13.4% 24.8% -55.8% 11.9% 18.9% 29.9% Income Taxes 8.8% 62.1% -94.8% 34.3% 16.8% 47.9% Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% SOURCE: TBR ESTIMATES AND SAP AG9 SAP 2Q11 Initial Response | Software Business Quarterly ©2011 Technology Business Research, Inc.
  • 10. 2Q11 Balance Sheet and Estimates TBR SAP AG CONSOLIDATED BALANCE SHEETS TBR (in € Thousands)Note: CALENDAR QUARTER 2Q10 3Q10 4Q10 1Q11 2Q11 FISCAL QUARTER 2Q10 3Q10 4Q10 1Q11 2Q11Balance Sheet ASSETSreported using IFRS Current Assets Cash and Equivalents € 3,605,000 € 2,828,000 € 3,518,000 € 4,477,000 € 3,842,000 Other Financial Assets € 574,000 € 258,000 € 158,000 € 252,000 € 721,000 Trade and Other Receivables € 2,768,000 € 2,382,000 € 3,101,000 € 3,214,000 € 2,738,000 Other non-financial Assets € 217,000 € 223,000 € 180,000 € 210,000 € 250,000 Tax Assets € 202,000 € 311,000 € 186,000 € 135,000 € 129,000 Total Current Assets € 7,366,000 € 6,002,000 € 7,143,000 € 8,288,000 € 7,680,000 Goodwill € 5,136,000 € 8,285,000 € 8,378,000 € 8,264,000 € 8,213,000 Intangible Assets € 829,000 € 2,400,000 € 2,376,000 € 2,218,000 € 2,107,000 Property, Plant, Equip. (Net of Dep.) € 1,415,000 € 1,415,000 € 1,450,000 € 1,443,000 € 1,463,000 Other assets € 337,000 € 374,000 € 404,000 € 446,000 € 480,000 Trade and Other Receivables € 66,000 € 68,000 € 78,000 € 75,000 € 78,000 Other non-financial Assets € 34,000 € 31,000 € 31,000 € 30,000 € 36,000 Tax Assets € 125,000 € 120,000 € 123,000 € 124,000 € 125,000 Deferred Tax Assets € 364,000 € 391,000 € 735,000 € 722,000 € 714,000 Total non-current Assets € 8,306,000 € 13,084,000 € 13,575,000 € 13,322,000 € 13,216,000 Total Assets € 15,672,000 € 19,086,000 € 20,718,000 € 21,610,000 € 20,896,000 LIABILITIES AND EQUITY Current Liabilities Trade and other Payables € 698,000 € 766,000 € 908,000 € 794,000 € 783,000 Tax Liabilities € 3,000 € 136,000 € 160,000 € 77,000 € 108,000 Financial Liabilities € 219,000 € 238,000 € 142,000 € 141,000 € 136,000 Other non-financial liabilities € 990,000 € 1,187,000 € 1,727,000 € 1,129,000 € 1,113,000 Provisions € 354,000 € 389,000 € 1,285,000 € 1,298,000 € 1,287,000 Deferred Income € 1,919,000 € 1,334,000 € 911,000 € 2,773,000 € 2,161,000 Total Current Liabilities € 4,183,000 € 4,050,000 € 5,133,000 € 6,212,000 € 5,588,000 Trade and other Payables € 34,000 € 54,000 € 50,000 € 43,000 € 37,000 Tax Liabilities € 259,000 € 359,000 € 371,000 € 403,000 € 418,000 Financial Liabilities € 1,764,000 € 4,422,000 € 4,449,000 € 3,906,000 € 3,945,000 Other non-financial liabilities € 12,000 € 21,000 € 11,000 € 91,000 € 90,000 Provisions € 224,000 € 270,000 € 291,000 € 247,000 € 244,000 Deferred Tax Liabilities € 137,000 € 605,000 € 576,000 € 562,000 € 513,000 Deferred Income € 88,000 € 94,000 € 63,000 € 57,000 € 64,000 Total non-current Liabilities € 2,518,000 € 5,825,000 € 5,811,000 € 5,309,000 € 5,311,000 Total Liabilities € 6,701,000 € 9,875,000 € 10,944,000 € 11,521,000 € 10,899,000 Stockholders Equity € - € - € - € - € - Issued Capital € 1,227,000 € 1,227,000 € 1,227,000 € 1,228,000 € 1,228,000 Treasury Shares € 1,349,000 € 1,391,000 € 1,382,000 € 1,406,000 € 1,374,000 Share Premium € 331,000 € 333,000 € 337,000 € 386,000 € 394,000 Retained Earnings € 8,851,000 € 9,356,000 € 9,769,000 € 10,159,000 € 10,033,000 Other Components of equity € 104,000 € 331,000 € 194,000 € 288,000 € 294,000 Total Shareholders Equity € 8,956,000 € 9,194,000 € 9,757,000 € 10,079,000 € 9,987,000 Noncontrolling Interests € 15,000 € 17,000 € 17,000 € 10,000 € 10,000 Total Liabilities and Equity € 15,672,000 € 19,086,000 € 20,718,000 € 21,610,000 € 20,896,000 SOURCE: TBR ESTIMATES AND SAP AG10 SAP 2Q11 Initial Response | Software Business Quarterly ©2011 Technology Business Research, Inc.
  • 11. About TBR Contact UsTechnology Business Research (TBR) is a leading independent 1.603.929.1166technology market research and consulting firm specializing in the info@tbri.combusiness and financial analyses of hardware, software, networking www.tbri.comequipment, wireless, portal and professional services vendors. 11 Merrill DriveServing a global clientele, TBR provides timely and accurate market Hampton, NH 03842research and business intelligence in formats that are tailored to USAclients’ needs. Our analysts are available to further address client-specific issues or information needs on an inquiry or proprietaryconsulting basis.TBR has been empowering corporate decision makers since 1996.To learn how our analysts can address your unique business needs,please visit our website or contact us today. TBR T E C H N O L O G Y B U S I N E S S R ES E AR C H , I N C .This report is based on information made available to the public by the vendor and other public sources. No representation is made that this information is accurate or complete. TechnologyBusiness Research will not be held liable or responsible for any decisions that are made based on this information. The information contained in this report and all other TBR products is notand should not be construed to be investment advice. TBR does not make any recommendations or provide any advice regarding the value, purchase, sale or retention of securities. This reportis copyright-protected and supplied for the sole use of the recipient. Contact Technology Business Research, Inc. for permission to reproduce.

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