Codestone

Category: ERP Software

SAP – one of the world's leading providers of enterprise resource planning (ERP) software – has announced its financial results for the third quarter of 2011.

In the period to September 30th, the company recorded its seventh consecutive quarter of double-digit growth and revealed its cash reserves hit $3 billion (£1.87 billion) in the first nine months of the year.

The firm noted that it is very much at the high end of its prospective outlook for the year.

"SAP's third quarter software revenue grew at its fastest rate in a decade because customers are shifting their investments to software that helps them grow and innovate," stated Bill McDermott, co-chief executive officer of SAP.

He added that the manufacturer's products offer its customers the very latest technology and excellent value for money, making it a popular choice.

Craig Dale, chief executive of the UK and Ireland SAP User Group, recently said that users of SAP products are becoming increasingly willing to use them with cloud-based solutions.

Posted by Jamie Rees