Owner and CEO, GR20 Research

Gregory Ramirez

Owner and CEO

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

Equity Bottom-Up

<ul>
<li>At Connect, SAP unveiled its new Business Suite, integrating AI across finance, procurement, supply chain, HR, and customer experience. Central to this is the Joule AI assistant and BDC Connect.  </li>
<li>SAP introduced finance, HR, procurement, logistics and CX agents. Joule now acts as a digital co-worker. New applications like Supply Chain Orchestration, Logistics Management, and Engagement Cloud extend AI-native capabilities.   </li>
<li>SAP’s “flywheel” vision aims to embed AI into business processes through unified AI, data and application layers. Real revenue growth will depend on organisations consolidating data into unified semantic models.</li>
</ul>


At Connect, SAP unveiled its new Business Suite, integrating AI across finance, procurement, supply chain, HR, and customer experience. Central to this is the Joule AI assistant and BDC Connect.  
SAP introduced finance, HR, procurement, logistics and CX agents. Joule now acts as a digital co-worker. New applications like Supply Chain Orchestration, Logistics Management, and Engagement Cloud extend AI-native capabilities.   
SAP’s “flywheel” vision aims to embed AI into business processes through unified AI, data and application layers. Real revenue growth will depend on organisations consolidating data into unified semantic models.


SAP (SAP GR): “Agentification” of the Business Suite Accelerates

<ul>
<li>SAP has acquired SmartRecruiters to strengthen its position in AI-powered talent acquisition, competing with Oracle and Workday; the deal enhances SAP SuccessFactors with advanced recruitment automation and candidate experience tools.   </li>
<li>We estimate acquisition likely cost SAP around USD 1bn, below 2021 valuation, and is not expected to materially impact 2025 revenues; however, it signals SAP's renewed focus on HR tech.  </li>
<li>Enterprise AI adoption remains slow, as vendors like SAP face challenges in data readiness and process integration; real monetisation of AI is expected after customers unify data under semantic layers.</li>
</ul>


SAP has acquired SmartRecruiters to strengthen its position in AI-powered talent acquisition, competing with Oracle and Workday; the deal enhances SAP SuccessFactors with advanced recruitment automation and candidate experience tools.   
We estimate acquisition likely cost SAP around USD 1bn, below 2021 valuation, and is not expected to materially impact 2025 revenues; however, it signals SAP's renewed focus on HR tech.  
Enterprise AI adoption remains slow, as vendors like SAP face challenges in data readiness and process integration; real monetisation of AI is expected after customers unify data under semantic layers.


SAP (SAP GR): AI Shakes Up Talent Acquisition Suites

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>SAP’s recent surge—from its robust Q2 performance highlighted by 28 % cloud revenue growth and a €18 billion cloud backlog to its deepening AI investments—has set the stage for a potentially transformative deal: the planned acquisition of SmartRecruiters in Q4 2025.</li><li>Announced alongside SAP’s upbeat guidance and record operating profit (+35 %) at its Sapphire conference, this move would bring SmartRecruiters’ modern, high-volume recruiting platform and AI-enabled candidate engagement directly into the SAP SuccessFactors HCM suite.</li><li>As SAP positions itself at the nexus of cloud ERP, AI-driven business processes, and sovereign data solutions, adding SmartRecruiters could sharpen its end-to-end talent acquisition offering, bolster cross-sell momentum, and amplify internal productivity gains driven by Business AI agents like Joule.</li></ul>

SAP’s recent surge—from its robust Q2 performance highlighted by 28 % cloud revenue growth and a €18 billion cloud backlog to its deepening AI investments—has set the stage for a potentially transformative deal: the planned acquisition of SmartRecruiters in Q4 2025.Announced alongside SAP’s upbeat guidance and record operating profit (+35 %) at its Sapphire conference, this move would bring SmartRecruiters’ modern, high-volume recruiting platform and AI-enabled candidate engagement directly into the SAP SuccessFactors HCM suite.As SAP positions itself at the nexus of cloud ERP, AI-driven business processes, and sovereign data solutions, adding SmartRecruiters could sharpen its end-to-end talent acquisition offering, bolster cross-sell momentum, and amplify internal productivity gains driven by Business AI agents like Joule.

SAP’s Game-Changer Acquisition: Why Smartrecruiters Could Transform HR Forever!

<ul><li>SAP's Q2 2025 performance highlights both positive progress and certain challenges within the company's financial landscape.</li><li>The quarter was marked by robust cloud-related growth and operational efficiency, though macroeconomic uncertainties persist, notably in sectors like the U.S. public sector and manufacturing.</li><li>On the positive side, SAP saw a 28% increase in cloud revenue, driven primarily by its Cloud ERP Suite, which remains a pivotal part of SAP's strategy, showing consistent growth for over 14 quarters at a rate exceeding 30%.</li></ul>

SAP's Q2 2025 performance highlights both positive progress and certain challenges within the company's financial landscape.The quarter was marked by robust cloud-related growth and operational efficiency, though macroeconomic uncertainties persist, notably in sectors like the U.S. public sector and manufacturing.On the positive side, SAP saw a 28% increase in cloud revenue, driven primarily by its Cloud ERP Suite, which remains a pivotal part of SAP's strategy, showing consistent growth for over 14 quarters at a rate exceeding 30%.

SAP: Unleashing Global Cloud Power with Alibaba Alliance & AI Push!

<ul>
<li>At Sapphire 2025, SAP reintroduced its Business Suite as a unified cloud-based platform, AI, and Business Data Cloud. This strategy aims to simplify operations and improve scalability through embedded AI.   </li>
<li>SAP is on track to meet or exceed its financial targets, with significant revenue opportunities. Efficiency gains powered by Business AI are helping SAP decouple expense growth from revenue growth.   </li>
<li>Despite broader industry uncertainty, SAP’s domain expertise and robust infrastructure offer a strong foundation to lead in the evolving AI-driven enterprise software landscape.</li>
</ul>


At Sapphire 2025, SAP reintroduced its Business Suite as a unified cloud-based platform, AI, and Business Data Cloud. This strategy aims to simplify operations and improve scalability through embedded AI.   
SAP is on track to meet or exceed its financial targets, with significant revenue opportunities. Efficiency gains powered by Business AI are helping SAP decouple expense growth from revenue growth.   
Despite broader industry uncertainty, SAP’s domain expertise and robust infrastructure offer a strong foundation to lead in the evolving AI-driven enterprise software landscape.


SAP (SAP GR): Sapphire 2025 - Highly Efficient Engine

United States

SAP SE is a multinational software company.  The Company develops business software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services.  SAP markets its products and services worldwide.

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SAP (SAP GR): “Agentification” of the Business Suite Accelerates

SAP unveils new Business Suite with AI integration across functions, featuring Joule AI assistant and BDC Connect. Flywheel vision aims to embed...

Gregory Ramirez

SAP (SAP GR): AI Shakes Up Talent Acquisition Suites

SAP acquires SmartRecruiters to boost AI talent acquisition tools, signaling renewed focus on HR tech and addressing challenges in enterprise AI...

Gregory Ramirez

SAP’s Game-Changer Acquisition: Why Smartrecruiters Could Transform HR Forever!

SAP’s recent surge—from its robust Q2 performance highlighted by 28 % cloud revenue growth and a €18 billion cloud backlog to its deepening AI...

Baptista Research

SAP: Unleashing Global Cloud Power with Alibaba Alliance & AI Push!

SAP's Q2 2025 performance highlights both positive progress and certain challenges within the company's financial landscape. The quarter was...

Baptista Research

SAP (SAP GR): Sapphire 2025 - Highly Efficient Engine

SAP unveils unified cloud platform with AI at Sapphire 2025, driving efficiency gains and revenue growth in uncertain industry landscape.

Gregory Ramirez

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52-week Range

Market Cap (USDm)

P/E

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SAP (SAP GR): “Agentification” of the Business Suite Accelerates

​SAP unveils new Business Suite with AI integration across functions, featuring Joule AI assistant and BDC Connect. Flywheel vision aims to embed...

Gregory Ramirez

SAP (SAP GR): AI Shakes Up Talent Acquisition Suites

​SAP acquires SmartRecruiters to boost AI talent acquisition tools, signaling renewed focus on HR tech and addressing challenges in enterprise AI...

Gregory Ramirez

SAP’s Game-Changer Acquisition: Why Smartrecruiters Could Transform HR Forever!

SAP’s recent surge—from its robust Q2 performance highlighted by 28 % cloud revenue growth and a €18 billion cloud backlog to its deepening AI...

Baptista Research

SAP: Unleashing Global Cloud Power with Alibaba Alliance & AI Push!

SAP's Q2 2025 performance highlights both positive progress and certain challenges within the company's financial landscape. The quarter was...

Baptista Research

SAP (SAP GR): Sapphire 2025 - Highly Efficient Engine

​SAP unveils unified cloud platform with AI at Sapphire 2025, driving efficiency gains and revenue growth in uncertain industry landscape.

Gregory Ramirez

SAP unveils new Business Suite with AI integration across functions, featuring Joule AI assistant and BDC Connect. Flywheel vision aims to embed...

SAP acquires SmartRecruiters to boost AI talent acquisition tools, signaling renewed focus on HR tech and addressing challenges in enterprise AI...

SAP unveils unified cloud platform with AI at Sapphire 2025, driving efficiency gains and revenue growth in uncertain industry landscape.