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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