SAP boosts software license sales 36% to Latin American banking sector in Q1

Friday, May 20, 2011

Software giant SAP (NYSE: SAP) increased sales of software licenses to the banking sector by 36% year-on-year in 1Q11 in Latin America and the Caribbean, the company announced without providing a hard figure.

The increase in sales was higher in countries like Brazil and Mexico.

The announcement was made during SAP's Financial Services Executive Summit, in Buenos Aires.

Start your 15 day free trial now!


Already a subscriber? Please, login

At the event, Tonatiuh Barradas, SAP's VP of strategy industries, said "innovation is key for any sustainable strategy in the long term. The banking sector is trying to transform into an organization where value is perceived through differentiation and service."

According to Q1 financial results previously released by SAP for the quarter, revenues for the Americas, excluding the US, grew 13% year-over-year, to 292mn euros (US$433mn). Globally, SAP reported total revenue of 3.02bn euros for 1Q11, up 21%, while net profit inched up 4% year-over-year to 403mn euros.