January 30, 2018 / 5:35 AM / 6 months ago

SAP America to buy Callidus for $2.4 billion

(Reuters) - German business software group SAP SE on Monday said its unit SAP America Inc will buy cloud-based human resources software company Callidus Software Inc for a total enterprise value of $2.4 billion.

FILE PHOTO: A car with the logo of German software group SAP stands near its headquarters in Walldorf, Germany, May 12, 2016. REUTERS/Ralph Orlowski/File Photo

The deal represents a per share purchase price of $36, which is a premium of about 10 percent to Callidus’s Monday close of $32.70.

The deal is expected to be essentially neutral to SAP’s non-IFRS earnings per share for fiscal 2018, SAP said.

The transaction will add to SAP’s non-IFRS earnings per share for fiscal 2019, the German company added.

SAP said it planned to fund the deal with existing cash balances and an acquisition term loan.

Callidus Software, which does business as CallidusCloud, said its board has unanimously approved the transaction.

Reporting by Shubham Kalia and Subrat Patnaik in Bengaluru; Editing by Sunil Nair

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