SAP to invest over EUR2B in France over five years
SAP CEO Bill McDermott announced a series of planned investments for SAP's operations in France over the next five years to accelerate the company's digital strategy and support France's growing position as a hub of innovation. The move includes: opening the second SAP.iO Foundry location in Europe to provide more than 50 startups with mentorship, technology and access to the vibrant SAP ecosystem; investment by SAP.iO Fund in French startups in the seed or Series A round; spend by SAP of EUR150M in research and development annually over the next five years; acquisition of Recast.AI to accelerate development of SAP Leonardo Machine Learning capabilities. Signaling its continued support for France, SAP estimates a more than EUR2B spend over five years, intended to accelerate the company's fast growth in the cloud and advance a technology community focused on machine learning, blockchain, the Internet of Things and software as a service. The step reflects SAP's global strategy - fueled by the SAP Leonardo digital innovation system - to help every organization become an intelligent enterprise. SAP will focus on startups that build solutions complementary to the SAP Leonardo system to foster fast collaboration and global scale.