SAP, the German multinational software corporation, has confirmed that it has acquired Israel-founded Gigya, which it defined as a market leader for customer identity and access management.
Gigya’s operations will become part of SAP’s business unit that deals with customer engagement and commerce, SAP Hybris, the German firm said in a statement on Sunday.
The company did not disclose terms of the deal, but TheMarker financial website, which first reported the deal, estimated the transaction at $350 million.
Gigya, founded in 2006 by Rooly Eliezerov, Eran Kutner and Eyal Magen, has created web identity software that businesses can use to identify customers, aggregate data and personalize campaigns. More than 700 of the world’s leading businesses, including Speedo, Bayer, Toyota, Forbes and Fox, use Gigya to build identity-driven relationships, according to Gigya’s website.
The Mountain View, California-based company, which has offices in Tel Aviv, London, New York, Paris and Hamburg, among others, has raised a total of $105.8 million in funds from 10 investors, including Intel Capital and Benchmark, according to data provider Crunchbase. The company leads the customer identity and access management market, according to reports by both Garner and KuppnegerCole.
Gigya and SAP Hybris will be working together to provide a fuller product to customers in the customer identity and access management market, said Carsten Thoma, president and cofounder of SAP Hybris. “Consumer trust is the main currency to succeed for customer-driven organizations. This is what Gigya is known and recognized for.”
The acquisition will enable SAP Hybris to become the first organization to offer a cloud-based data platform that will allow companies to profile and convert new customers, gather accurate information from a variety of consumer engagement sources and collect data to offer better choices to consumers, in line with regulations, the statement said.
Gigya has more than 300 employees and is headquartered in Mountain View, California. The transaction is expected to close in the final quarter of 2017, subject to regulatory approval, SAP said.