German software company SAP recently announced that its subsidiary SAP America was awarded a preliminary court approval of a class action settlement for its July 2010 acquisition of Sybase.
The company, which offers SAP HR, SAP MM, SAP FICO, SAP PM and SAP Security solutions, acquired Sybase and all of its shares of common stock. The ruling was given by the Superior Court of Alameda County, California. Litigation first began in May 2010 regarding the acquisition after lawsuits were filed that claimed the price paid to stakeholders of Sybase was too low, and the shareholders received insufficient information for the process.
According to SAP, the settlement is for common stakeholders called "class members" between May 12, 2010, to July 29, 2010.
"Under the terms of the settlement, which was agreed to in principle prior to the closing of the tender offer, investors were provided additional disclosures concerning the transaction; Class Members will release their claims relating to the transaction; and the defendants agreed not to oppose a request for attorney's fees by plaintiffs' counsel in an amount not exceeding $1,075,000, with the court ultimately deciding what amount to award to plaintiffs' counsel," announced SAP.
Sybase stakeholders wishing to take action must by August 22, 2011. SAP expects a court hearing to take place no later than September 9, 2011.
The acquisition of Sybase by SAP is critical for SAP's future plans. Last month, the companies released of the next-generation Sybase Unwired Platform, which is part of SAP's goal of reaching 1 billion people. Kelton Research conducted a study of IT managers and revealed that 65 percent said their companies plan to develop and deploy five or more mobile applications this year, while 21 percent plan on 20 or more applications. The updated Sybase Unwired Platform will provide companies with a platform to create applications.
DC: SAP top BI company in the world
In the growing business intelligence market, German software company SAP remains at the top of the peak. The company recently announced IDC named it as the leader in the worldwide BI tools market, which is based on maintenance and software license revenue.
SAP offers an array of applications, including SAP HR, SAP MM, SAP FICO, SAP PM and SAP Security solutions. According to IDC, SAP's financial performance and strategy management applications increased for the fifth consecutive year. Overall, SAP earned more than $1.8 billion worldwide, representing 21 percent of the global market. Revenue for the company's FPSM applications reached $629 million, nearly capturing 25 percent of the market.
According to IDC's two reports - Worldwide Business Intelligence Tools 2010 Vendor Shares and Worldwide Financial Performance and Strategy Management Applications 2010 Vendor Shares - SAP fared better than the rest of the worldwide growth in the BI market, as its BI tools grew by nearly 20 percent, almost doubling the 11.4 percent growth of the rest of the market. Also, its FPSM applications grew by 17.5 percent during this time, again outperforming the total market growth of 9.2 percent.
"Our momentum continues to grow as we focus heavily on delivering customer success by executing on our business analytics roadmap, bringing to market new and innovative releases of our BI, EIM, EPM and GRC solutions," said Steve Lucas, general manager of business analytics at SAP.
In April, Gartner released its own report regarding BI, which revealed that the overall market reached more than $10 billion in 2010, increasing by 13.4 percent from 2009. Despite a sluggish economy, companies are looking to BI applications for economic benefits and greater efficiency, the company stated.
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