SAP to Acquire Hybris

German-based SAP (NYSE: SAP  ) has entered into an agreement to acquire Hybris, a Switzerland-based e-commerce solutions provider, the companies¬†announced today. Financial terms of the deal, which is expected to close the third quarter of this year, have not been disclosed.

According to the announcement, Hybris is the fastest-growing e-commerce company in the world and will give SAP the capability to "deliver the next-generation e-commerce platform, with the choice of on-premise or cloud deployment, as enterprises around the world seek to optimize the customer experience for businesses and consumers across an ever-growing number of delivery channels, devices, and touch points."

Bill McDermott and Jim Hagemann Snabe, SAP's co-CEOs commented in a statement, "With Hybris, SAP has made a decisive move to raise the stakes in customer relationship management and define the next-generation customer experience."

Hybris will operate as a separate business unit of SAP and retain its existing management team, including CEO Ariel Ludi and President and co-founder Carsten Thoma. The transaction is subject to regulatory and customary closing conditions.

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