SAP will be slashing its headcount by roughly 2.5%, the Germany-based software company announced as it posted its fourth-quarter earnings on Thursday.
With its restructuring plan, SAP aims to "further focus on strategic growth areas by aligning our operating models and go-to-market approach with our accelerated cloud transformation," the company said in the release. It also "intends to strengthen its core business and improve overall process efficiency."
FILE PHOTO: The logo of German software group SAP is pictured at its headquarters in Walldorf, Germany. REUTERS/Ralph Orlowski Overall, the restructuring plan will come with €250-300 million in charges. It is "expected to provide a moderate cost benefit in 2023 and €300 million to €350 million in annual cost savings as of 2024," according to SAP.SAP also revealed that it is exploring the possibility of selling its stake in a company it acquired in 2019 and later spun off, Qualtrics.
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