SAP forms financial services alliance with investor Dediq

By Reutersabout 1 month ago

Reuters. FILE PHOTO: The logo of German software group SAP is pictured in Regensdorf

By Douglas Busvine

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BERLIN (Reuters) - Business software group SAP said on Tuesday it was forming a joint venture with Munich-based investor Dediq to develop new digital solutions for banking and insurance.

Under the deal, Dediq will invest more than 500 million euros ($595 million) in developing premium products for financial services while SAP will contribute intellectual property in return for a 20% stake.

The partnership comes as SAP, under the leadership of CEO Christian Klein, seeks to shift its user base more quickly into the cloud and, in financial services, stay relevant at a time of digital disruption.

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