Quarterly Report • Oct 20, 2017
Quarterly Report
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World market leaders combine strengths in ADAMOS: Through the joint venture ADAMOS (ADAptive Manufacturing Open Solutions), DMG MORI, Dürr, Software AG and ZEISS as well as ASM PT have established a strategic alliance for the future topics of Industrie 4.0 and the Industrial Internet of Things (IIoT). Germany's first alliance of well-known industrial and software companies wants to set ADAMOS as global standard for the industry and attract other machine builders to become partners. ADAMOS is customized to meet the specific needs of machine and plant builders and their customers: The open IIoT platform ADAMOS is non-proprietary and brings together the most up-to-date IT technology and industry knowledge. It enables engineering companies to offer tried and tested solutions for digitally networked production to their customers with little effort. Machine tool builders as well as their suppliers and customers will benefit from this as ADAMOS is a platform service that offers data autonomy and access to leading software solutions. The jointly developed ADAMOS platform is available worldwide since October 1, 2017.
1 ©2017 Software AG. All rights reserved.
Cumulocity IoT: Software AG continued its Internet of Things innovation drive and introduced a fully cloud-enabled and scalable portfolio for the strong growing IoT market. The launch of an extended Cumulocity IoT technology portfolio for cloud-based IoT platform services enablement addressed today's market demand for easy, fast, and scalable IoT solutions to support enterprises of all sizes, regardless of the level of sophistication of their IoT requirements. Recent market research shows that whereas nearly 90 percent of executives surveyed feel the Industrial Internet of Things (IIoT) is critical to their companies' success, only 16 percent have a comprehensive IIoT roadmap. The new Cumulocity IoT portfolio addresses this gap by offering self-service IoT solutions to enable organizations to develop their own IoT applications and solutions. The Cumulocity IoT portfolio will take full advantage of Software AG's industry-leading integration, business process, advanced analytics and machine learning capabilities, based on its heritage in enterprise middleware platform leadership.
Converted to registered shares: On October 04, 2017 Software AG has converted its outstanding shares of 76.400.000 into registered shares at a ratio of 1:1. As part of the conversion, the domestic and international securities identification numbers (WKN or ISIN) have changed to A2GS40 and DE000A2GS40, respectively. The ticker symbol will remain as SOW.
A Decade of Leadership: Software AG was again named a leader by Gartner, Inc., a leading industry analyst firm, in its 2017 "Magic Quadrant for Enterprise Architecture Tools1 ." This is the tenth consecutive year that Gartner has assessed the company's Alfabet Enterprise Architecture Management (EAM) product and named it a Leader. Software AG also released the latest version of Alfabet (version 10). The new Alfabet release includes operational project management capabilities as well as critical functionality to help enterprises with GDPR compliance and "Industrie 4.0".
Software AG's Digital Business Platform Ranked a Leader: Software AG was named a 'Leader' by Forrester Research, Inc., a leading independent research firm, in its report, "The Forrester Wave™: Digital Process Automation, Q3 2017." According to the report, Digital Process Automation (DPA) represents a big expansion of BPM "set apart by an emphasis on low-code development, consumer-grade user experiences, and AI-based innovation". Further, Software AG was named a 'Leader' in "The Forrester Wave™: Enterprise Architecture Management Suites2, Q2 20172 " for its Alfabet solution. Alfabet Enterprise Architecture (EA) Management is part of Software AG's Digital Business Platform. Also for its Apama Streaming Analytics Platform the company was cited as a 'Leader' in "The Forrester Wave™: Streaming Analytics, Q3 20173 ." The report is targeted towards AD&D (application development and deployment) professionals who are "looking to enhance or build applications that sense, think, and act in real time".
Software AG Establishes Scientific Advisory Board: The digital economy is a fast-paced sector with rapidly emerging and complex topics. Software AG has formed a Scientific Advisory Board to better embrace these burgeoning trends from a business and scientific point of view. The board is to serve as a catalyst for outside ideas and provide Software AG with a scientific perspective on trends in technology. The biggest beneficiaries of the initiative will be Software AG customers. The scientific research discourse will complement Software AG's strategic development and product planning. The Scientific Advisory Board includes representatives from the science and research communities. It will carry out an advisory function and is not a corporate managing body.
1Gartner, "Magic Quadrant for Enterprise Architecture Tools", May 24, 2017, by Samantha Searle and Marc Kerremans About the Magic Quadrant
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
2 The Forrester Wave™: Enterprise Architecture Management Suites, Q2 2017; Vendor EA Capability Is Increasing, But Stakeholder Experience Is An Issue by Gordon Barnett"
The Forrester WaveTM: Streaming Analytics, Q3 2017 by Mike Gualtieri, September 7, 2017
In the past few months we successfully entered a number of new strategic partnerships in the fields of the Internet of Things (IoT) and Industry 4.0. These include the newly founded ADAMOS joint venture with global market leading manufacturing companies such as DMG MORI, Dürr, ZEISS and ASM PT as well as other scalable IoT projects with major global enterprises. These successes and this high market demand reflect the growing relevance of Software AG's leading technology and are accelerating our transition to the cloud. The new IoT partnerships lay the foundation for a scalable and more predictable business with exponential and dynamic growth rates that increase with every additional connected machine, device or sensor. Therefore, Software AG will start reporting IoT cloud related revenue separately under a fourth business line as of January 2018. Based on the deals we already closed in the current business year, we expect additional recurring revenue of at least €20 million per year as of 2018. In addition to establishing a fast growing IoT business with recurring revenues, we confirmed our 2017 outlook which had been raised in the last quarter. In Q3, the three business lines of the Group all reported growth of 2 percent at constant currency while EBIT increased by 1 percent. Our operating profit margin (EBITA, non-IFRS) remained very high at 32.2 percent in the third quarter.
Software AG CEO Karl-Heinz Streibich said, "We have continuously expanded our technology leadership in the Internet of Things and Industry 4.0 markets. As a result, Software AG's relevance in the global IoT market has increased significantly. New strategic partnerships with global industrial enterprises highlight this positive trend. Establishing IoT as our fourth business line as of 2018 is an acknowledgment of this extraordinary market success."
Software AG CFO Arnd Zinnhardt added, "IoT has become a strategic element of our customers' new business models. To reflect this, we have established a licensing model based on the actual usage of our products significantly reducing IoT market entry barriers. This recurring, sustainable revenue stream gives us the opportunity to easily scale with the rapidly increasing numbers of connected machines and devices and to maximize our business potential to its full and true value."
The Digital Business Platform (DBP) business line stayed on course for further growth. Maintenance revenue showed a 7 percent increase to total €201.6 million (2016: €188.8 million) in the first nine months of the year. License revenue was up 1 percent at €109.1 million (2016: €108.2 million) in the period. DBP product revenue (licenses and maintenance) thus grew 5 percent to €310.7 million (2016: €297.0 million), which is within the forecast range for the fiscal year. In regard to Software AG's new IoT partnerships with major corporations, cloud has become the customer business model of choice. Consequently, the Group has taken the strategic decision to forgo a traditional licensing model with short-term income in favor of long-term revenue based on increased usage and market demand. Due to the increasing importance of Software AG's scalable IoT business with recurring revenue, the company has decided to consolidate revenue from the IoT segment into a fourth business line as of January 2018.
Adabas & Natural(A&N) Overall A&N revenue for the nine-month period was €149.2 million (2016: €165.1 million). Software AG anticipates an uptick in A&N contract renewals in the last quarter of the year and, therefore, expects revenue in the upper half of the market guidance corridor.
The Consulting business line continued its robust performance, fueled by the ever greater relevance of Software AG's product portfolio in the high-growth IoT and Industry 4.0 markets. In the nine-month period Consulting revenue grew 3 percent to reach €150.7 million (2016: €145.8 million).
Software AG's total revenue increased to €610.6 million (2016: €607.9 million). Product revenue (licenses + maintenance) totaled €459.3 million (2016: €461.5 million). License revenue declined 9 percent to €141.4 million (2016: €155.5 million). Maintenance revenue rose 4 percent in the period under review to €317.9 million (2016: €306.0 million). At €140.0 million (2016: €138.8 million), Software AG's EBIT (IFRS) was up 1 percent. EBITA (non-IFRS) was €181.2 million (2016: €181.8 million). Software AG's operating profit margin (EBITA, non-IFRS) remained high at 29.7 percent (2016: 29.9 percent).
The net result (IFRS) rose 3 percent and reached €92.4 million (2016: €90.1 million), while earnings per share (IFRS) improved to €1.23 (2016: €1.18).
The equity ratio was 60 percent (2016: 61 percent). The operating cash flow reached the high average of the past years. It amounted to €146.0 million (2016: €157.2 million). The free cash flow was impacted by a property investment at the headquarter in Darmstadt and amounted to €121.3 million (2016: €145.3 million) in the first nine months.
As of September 30, 2017, Software AG employed a total of 4,600 (2016: 4,435) employees (full-time equivalents), of which 1,945 (2016: 1,891) in consulting and service, 1,179 (2016: 1,076) in research and development, 865 (2016: 872) in Sales and Marketing as well as 611 (2016: 596) in Administration.
Based on current business development, Software AG confirms the raised forecast published with its results for the first half of the year. Software AG expects its operating profit margin (EBITA, non-IFRS) for fiscal 2017 to be between 31.0 and 32.0 percent. The forecast for product revenue growth in the Digital Business Platform (DBP) line remains unchanged at +5 to +10 percent at constant currency. Based on deals expected to close in the Adabas & Natural database business late in the year, Software AG anticipates a product revenue development between -2 and -6 percent at constant currency and year-onyear.
| 2016 (in € millions) |
2017 Outlook (as of July 17, 2017) |
YTD 2017 (as of Sept. 30, 2017) |
|
|---|---|---|---|
| Product revenue Digital Business Platform |
441.4 | +5% to +10%* | +5%* |
| Product revenue Adabas & Natural |
233.9 | -2% to -6%* | -11%* |
| Operating profit margin (EBITA, non-IFRS)** |
31.2% | 31.0% to 32.0% | 29.7% |
* At constant currency
** After adjusting for non-operating factors (see non-IFRS results)
| in € millions | ||||
|---|---|---|---|---|
| (unless otherwise stated) | 9M 2017 | 9M 2016 | Δ as % | Δ as % acc* |
| Revenue | 610,6 | 607,9 | 0% | 0% |
| DBP business line | 310,7 | 297,0 | 5% | 5% |
| A&N business line | 149,2 | 165,1 | -10% | -11% |
| Licenses | 141,4 | 155,5 | -9% | -9% |
| Maintenance | 317,9 | 306,0 | 4% | 3% |
| Operating EBITA (non-IFRS) | 181,2 | 181,8 | 0% | |
| as % of revenue | 29,7% | 29,9% | ||
| DBP segment earnings | 93,5 | 88,4 | 6% | 7% |
| Segment margin | 30,1% | 29,8% | ||
| A&N segment earnings | 100,8 | 115,9 | -13% | -15% |
| Segment margin | 67,6% | 70,2% | ||
| Net income (non-IFRS) | 120,6 | 119,4 | 1% | |
| Earnings per share (non-IFRS)** | 1,61 | 1,57 | 3% | |
| Operating Cash Flow | 146,0 | 157,2 | -7% | |
| CapEx*** | 24,8 | 11,9 | ||
| Free Cash Flow | 121,3 | 145,4 | -17% | |
| Balance sheet | Sep. 30, 2017 | Dec. 31, 2016 | ||
| Total assets | 1.816,6 | 1.957,2 | ||
| Cash and cash equivalents | 326,7 | 374,6 | ||
| Net cash | 22,1 | 73,1 | ||
| Employees (FTE) | 4.600 | 4.471 |
* acc = at constant currency
** Based on weighted average shares outstanding (basic) 9M 2017: 74.9m / 9M 2016: 76.2m
*** Cash flow from investing activities adjusted for acquisitions and investments in debt instruments
(IFRS, unaudited)
| in € thousands | 9M 2017 | 9M 2016 | Δ as % |
|---|---|---|---|
| Licenses | 141.388 | 155.515 | -9% |
| Maintenance | 317.938 | 305.981 | 4% |
| Services | 149.944 | 145.332 | 3% |
| Other | 1.334 | 1.061 | 26% |
| Total revenue | 610.604 | 607.889 | 0% |
| Costs of sales | -155.340 | -157.522 | -1% |
| Gross profit | 455.264 | 450.367 | 1% |
| Research and development expenses | -88.849 | -82.566 | 8% |
| Sales, marketing and distribution expenses | -175.341 | -170.640 | 3% |
| General and administrative expenses | -55.007 | -56.442 | -3% |
| Other taxes | -5.327 | -3.925 | 36% |
| Operating earnings | 130.740 | 136.794 | -4% |
| Other income / expenses, net | 3.959 | -1.955 | |
| Financing expenses, net | -357 | -2.523 | |
| Earnings before income taxes | 134.342 | 132.316 | 2% |
| Income taxes | -41.977 | -42.175 | 0% |
| Net income | 92.365 | 90.141 | 2% |
| Thereof attributable to shareholders of Software AG | 92.172 | 89.992 | 2% |
| Thereof attributable to non-controlling interests | 193 | 149 | |
| Earnings per share (€, basic) | 1,23 | 1,18 | 4% |
| Earnings per share (€, diluted) | 1,23 | 1,18 | 4% |
| Weighted average number of shares outstanding (basic) | 74.870.803 | 76.231.631 | - |
| Weighted average number of shares outstanding (diluted) | 74.881.101 | 76.254.063 | - |
(IFRS, unaudited)
| Assets (in € thousands) | Sep. 30, 2017 | Dec. 31, 2016 |
|---|---|---|
| Current assets | 568.428 | 641.989 |
| Cash and cash equivalents | 326.681 | 374.611 |
| Other financial assets | 22.586 | 13.488 |
| Trade receivables and other receivables | 185.969 | 220.966 |
| Other non-financial assets | 16.973 | 20.286 |
| Income tax receivables | 16.219 | 12.638 |
| Non-current assets | 1.248.177 | 1.315.228 |
| Intangible assets | 139.346 | 149.420 |
| Goodwill | 926.594 | 936.606 |
| Property, plant and equipment | 73.303 | 75.559 |
| Other financial assets | 43.602 | 45.957 |
| Trade receivables and other receivables | 38.834 | 84.905 |
| Other non-financial assets | 232 | 291 |
| Income tax receivables | 8.077 | 6.988 |
| Deferred tax receivables | 18.189 | 15.502 |
| Total Assets | 1.816.605 | 1.957.217 |
| Equity and Liabilities (in € thousands) | Sep. 30, 2017 | Dec. 31, 2016 |
|---|---|---|
| Current liabilities | 535.383 | 467.626 |
| Financial liabilities | 204.404 | 101.467 |
| Trade payables and other liabilities | 32.027 | 39.695 |
| Other non-financial liabilities | 94.238 | 121.817 |
| Other provisions | 51.961 | 50.959 |
| Income tax liabilities | 22.463 | 28.224 |
| Deferred income | 130.290 | 125.464 |
| Non-current liabilities | 196.438 | 292.796 |
| Financial liabilities | 100.174 | 200.049 |
| Trade payables and other liabilities | 3.881 | 4.195 |
| Other non-financial liabilities | 433 | 381 |
| Other provisions | 25.290 | 24.793 |
| Provisions for pensions and similar obligations | 40.105 | 42.215 |
| Deferred tax liabilities | 19.264 | 13.498 |
| Deferred income | 7.291 | 7.665 |
| Equity | 1.084.784 | 1.196.795 |
| Share capital | 76.400 | 79.000 |
| Capital reserves | 22.935 | 23.682 |
| Retained earnings | 1.128.561 | 1.145.374 |
| Other reserves | -51.776 | 19.789 |
| Treasury shares | -91.865 | -71.596 |
| Attributable to shareholders of Software AG | 1.084.255 | 1.196.249 |
| Non-controlling interests | 529 | 546 |
| Total Equity and Liabilities | 1.816.605 | 1.957.217 |
(IFRS, unaudited)
| in € thousands | 9M 2017 | 9M 2016 |
|---|---|---|
| Net income | 92.365 | 90.141 |
| Income taxes | 41.977 | 42.175 |
| Net financial income/expense | 357 | 2.523 |
| Amortization/depreciation of non-current assets | 31.575 | 30.014 |
| Payments for the settlement of share based payment rights with a choice of settlement |
0 | -16.320 |
| Other non-cash income/expense | 1.353 | -12.854 |
| Changes in receivables and other assets | 67.999 | 41.912 |
| Changes in payables and other liabilities | -32.958 | 34.128 |
| Income taxes paid/received | -55.216 | -50.695 |
| Interest paid | -8.100 | -10.866 |
| Interest received | 6.679 | 7.086 |
| Net cash provided by operating activities | 146.031 | 157.244 |
| Proceeds from the sale of property, plant and equipment/intangible assets | 290 | 336 |
| Purchase of property, plant and equipment/intangible assets | -22.673 | -8.582 |
| Proceeds from the sale of non-current financial assets | 101 | 1.425 |
| Purchase of non-current financial assets | -2.486 | -5.042 |
| Proceeds from the sale of current financial assets | 4.179 | 16.818 |
| Purchase of current financial assets | -622 | -16.951 |
| Payment for acquisitions, net | -49.420 | -11.546 |
| Net cash used in investing activities | -70.631 | -23.542 |
| Repurchase of treasury shares | -89.587 | 0 |
| Sale of treasury stock | 1.330 | 0 |
| Dividends paid | -44.553 | -42.105 |
| Proceeds and payments from current financial liabilities | 96.052 | 3.624 |
| Proceeds from non-current financial liabilities | 0 | 75.000 |
| Repayment of non-current financial liabilities | -70.894 | -122.432 |
| Acquisition of non controlling interest | 0 | -460 |
| Net cash provided by/used in financing activities | -107.652 | -86.373 |
| Change in cash and cash equivalents from cash relevant transactions | -32.252 | 47.329 |
| Currency translation adjustment | -15.678 | 1.055 |
| Net change in cash and cash equivalents | -47.930 | 48.384 |
| Cash and cash equivalents at the beginning of the period | 374.611 | 300.567 |
| Cash and cash equivalents at the end of the period | 326.681 | 348.951 |
| Free Cash Flow | 121.263 | 145.381 |
(IFRS, unaudited)
| € t in ho ds us an |
A& | N | DB | P | Co ns |
ult ing |
Re co nc |
ilia tio n |
TO | TA L |
|---|---|---|---|---|---|---|---|---|---|---|
| 9M 20 17 |
9M 20 16 |
9M 20 17 |
9M 20 16 |
9M 20 17 |
9M 20 16 |
9M 20 17 |
9M 20 16 |
9M 20 17 |
9M 20 16 |
|
| Lic en ses |
32 .32 9 |
47 .36 0 |
109 .05 9 |
108 .15 5 |
0 | 0 | 14 1.3 88 |
155 .51 5 |
||
| Ma inte na nce |
116 .33 2 |
117 .19 5 |
20 1.6 06 |
188 .78 6 |
0 | 0 | 31 7.9 38 |
30 5.9 81 |
||
| Pro du ct rev en ue |
14 8.6 61 |
164 .55 5 |
31 0.6 65 |
29 6.9 41 |
0 | 0 | 45 9.3 26 |
46 1.4 96 |
||
| Se rvic es |
0 | 0 | 0 | 0 | 149 .94 4 |
145 .33 2 |
149 .94 4 |
145 .33 2 |
||
| Ot he r |
50 6 |
52 0 |
52 | 35 | 77 6 |
50 6 |
1.3 34 |
1.0 61 |
||
| To tal re ve nu e |
14 9.1 67 |
16 5.0 75 |
31 0.7 17 |
29 6.9 76 |
15 0.7 20 |
14 5.8 38 |
61 0.6 04 |
60 7.8 89 |
||
| Co of les st sa |
-7. 33 7 |
-8. 57 0 |
-21 .35 7 |
-22 .06 7 |
-11 6.6 93 |
-11 8.4 77 |
-9. 95 3 |
-8. 40 8 |
-15 5.3 40 |
-15 7.5 22 |
| Gr rof it os s p |
14 1.8 30 |
15 6.5 05 |
28 9.3 60 |
27 4.9 09 |
34 .02 7 |
27 .36 1 |
-9. 95 3 |
-8. 40 8 |
45 5.2 64 |
45 0.3 67 |
| Sa les Ma rke tin & D istr ibu tio g n e xp en se s , |
-23 .35 8 |
-24 .17 7 |
-12 4.6 78 |
-12 0.3 06 |
-14 .27 2 |
-12 .81 1 |
-13 .03 3 |
-13 .34 6 |
-17 5.3 41 |
-17 0.6 40 |
| Se t c trib uti gm en on on |
11 8.4 72 |
13 2.3 28 |
164 .68 2 |
154 .60 3 |
19 .75 5 |
14 .55 0 |
-22 .98 6 |
-21 .75 4 |
27 9.9 23 |
27 9.7 27 |
| Re h a nd de lop nt se arc ve me ex pe nse s |
-17 .65 8 |
-16 .39 3 |
-71 .19 1 |
-66 .17 3 |
0 | 0 | 0 | 0 | -88 .84 9 |
-82 .56 6 |
| Se t e ing gm en arn s |
10 0.8 14 |
11 5.9 35 |
93 .49 1 |
88 .43 0 |
19 .75 5 |
14 .55 0 |
-22 .98 6 |
-21 .75 4 |
19 1.0 74 |
19 7.1 61 |
| Ge ral d a dm inis tra tive ne an ex pe nse s |
-55 .00 7 |
-56 .44 2 |
||||||||
| Ot he r ta xe s |
-5. 32 7 |
-3. 92 5 |
||||||||
| Op tin ing era g e arn s |
13 0.7 40 |
13 6.7 94 |
||||||||
| Ot / e he r in t co me xp en se s, ne |
3.9 59 |
-1. 95 5 |
||||||||
| Ne t fi nci al inc e / na om ex pe nse s |
-35 7 |
-2. 52 3 |
||||||||
| Ea rni s b efo inc e t ng re om ax es |
134 .34 2 |
13 2.3 16 |
||||||||
| Inc e T om axe s |
-41 .97 7 |
-42 .17 5 |
||||||||
| Ne t in co me |
92 .36 5 |
90 .14 1 |
(IFRS, unaudited)
| in € thousands | 9M 2017 | 9M 2016 |
|---|---|---|
| Net income | 92.365 | 90.141 |
| Currency translation differences from foreign operations | -67.517 | -9.421 |
| Net gain/loss on remeasuring financial assets | -119 | 3.423 |
| Currency translation gain/loss from net investments in foreign operations |
-4.544 | -1.008 |
| Items to be reclassified to the income statement if certain conditions are met |
-72.180 | -7.006 |
| Net actuarial gain/loss on pension obligations | 615 | 635 |
| Items not to be reclassified to the income statement | 615 | 635 |
| Other comprehensive income | -71.565 | -6.371 |
| Total comprehensive income | 20.800 | 83.770 |
| Thereof attributable to shareholders of Software AG | 20.607 | 83.621 |
| Thereof attributable to non-controlling interests | 193 | 149 |
This document includes forward-looking statements based on the beliefs of Software AG management. Such statements reflect current views of Software AG with respect to future events and results and are subject to risks and uncertainties. Actual results may vary materially from those projected here, due to factors including changes in general economic and business conditions, changes in currency exchange, the introduction of competing products, lack of market acceptance of new products, services or technologies and changes in business strategy. Software AG does not intend or assume any obligation to update these forward-looking statements.
This document constitutes neither an offer nor recommendation to subscribe or buy in any other way securities of Software AG or any of the companies that are members of the Group at present or in the future, nor does it form part of such an offer and it should not be understood as such. This presentation does not constitute an offer of sale of securities in the United States of America. Securities may not be offered or sold in the United States of America without registration or exemption from registration in accordance with the U.S. Securities' Act of 1933 in its currently valid form.
Software AG Corporate Communications Uhlandstraße 12 64297 Darmstadt Germany
Tel. +49 6151-92-0 Fax +49 6151-1191 [email protected] www.softwareag.com
Software AG Investor Relations Uhlandstraße 12 64297 Darmstadt Germany
Tel. +49 6151-92-1900 Fax +49 6151-9234-1900 [email protected] www.softwareag.com
Software AG (Frankfurt TecDAX: SOW) helps companies with their digital transformation. With Software AG's Digital Business Platform, companies can better interact with their customers and bring them on new 'digital' journeys, promote unique value propositions, and create new business opportunities. In the Internet of Things (IoT) market, Software AG enables enterprises to integrate, connect and manage IoT components as well as analyze data and predict future events based on Artificial Intelligence (AI). The Digital Business Platform is built on decades of uncompromising software development, IT experience and technological leadership. Software AG has more than 4,500 employees, is active in 70 countries and had revenues of €872 million in 2016. To learn more, visit www.softwareag.com.
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