IT Giant with Business in Bulgaria Plans to Increase its Capitalization by EUR 90 Billion

Business | April 11, 2019, Thursday // 12:50|  views

The largest European technology company SAP, which has an office in Bulgaria, will aim to reach a market capitalization of between $ 250 and $ 300 billion by 2023. This was confirmed by CEO Bill McDermott to German media, quoted by Reuters.

He commented that as of 2010 when he took office, the company's capitalization rose from 45 billion to 140 billion euros.

"By measuring the market valuation of cloud service providers, we have potential in our portfolio for an additional $ 90 billion capitalization," McDermott told Frankfurter Allgemeine Zeitung.

"By 2023, we plan to increase our capitalization between $ 250 billion and $ 300 billion," he said.

SAP is in the middle of its business restructuring plan announced in January. It includes the release of 4400 employees.

The company's shares lost 5 percent of its value for the past week, falling from its 6-month high on April 4. Then they jumped to 104.88 euro unit price.