Latin America to continue as one of SAP's fastest growing markets - co-CEO

Tuesday, May 17, 2011

Latin America will continue being one of the fastest growing regions for software giant SAP (NYSE: SAP) in the foreseeable future, company co-CEO Bill McDermott told reporters.

Regional growth is being boosted by Brazil, which is now the third largest market in the world for SAP, McDermott said on the sidelines of SAP's SAPphire Now conference, being held in Orlando, Florida.

"Mexico is also turning the corner and showing tremendous growth. We also see huge opportunities in countries such as Colombia," he added.

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The executive said the company is also seeing increasing opportunities in several industries, particularly in banking.

The regional growth rate could be 1.5-2.5 times greater than that of most mature markets, McDermott said. "It's going to be big, really big."

According to previous press reports, Latin America was SAP's highest growth region in 2010, expanding 48% during the year.