German database giant SAP (NYSE:SAP) announced Thursday that it intends to acquire insurance underwriting-software producer Camilion for an undisclosed sum.

In a statement describing the acquisition, SAP explained that it wanted to broaden its exposure to the insurance industry, and offer insurers software tools to streamline the management and creation of new products. In this vein, SAP said that Camilion's software enables insurers to perform "instant analysis and simulation across huge volumes of data." This means that SAP can now offer one-stop shopping for its insurance customers: "An integrated yet modular end-to-end insurance offering: the SAP Business All-in-One solution for Insurance."

Investors appear to like the news. Shares of SAP rose 0.9% in Thursday trading, to close at $83.44.

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