German enterprise software firm Software AG has announced the acquisition of data integration platform provider StreamSets for €524 million ($582 million).
The deal, which is part of Software AG’s M&A strategy to accelerate growth in new areas of its addressable market, is likely to push the company over its €1 billion annual revenue goal.
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StreamSets data integration platform enables organizations to capture the value of their data while it moves through various on-premise, hybrid and cloud streams.
“This acquisition is a major milestone for Software AG. We’re acquiring a fast-growing business in a cloud market growing at 26 percent,” said Sanjay Brahmawar, Software AG CEO. “Its technology and team will further differentiate our hybrid integration offering for customers and fully complement our strategy to deliver sustainable profitable growth.”
“Their base in California also extends our presence in North America, and I am incredibly excited at the prospect of working with them to grow our business together,” he added.
Once the acquisition is cleared, Software AG intends to build a combined Integration Platform as a Service (iPaaS) to deliver continuous data capture for the connected enterprise.
It already provides some of this through its Digital Business portfolio, but with StreamSets, the iPaaS platform will be able to collect, consolidate and move data while also integrating datasets on the edge, improving the scope organizations can collect data from customers and devices.
“We’re delighted to be joining the Software AG family and working with Sanjay and team on this next phase of our growth journey,” said Girish Pancha, CEO of StreamSets. “Our products are made for each other, and we see tremendous opportunity in the convergence of application integration and data integration to deliver smart applications.I believe we will accelerate our growth trajectory by unlocking digital transformation for our customers.”
Software AG expects the acquisition to be close before the first half of 2022.
