SAP Rules Out Hardware Company Acquisitions, Co-CEO McDermott Tells CNBC

SAP AG, the world’s biggest maker of business-management software, has ruled out any acquisitions of hardware companies, co-Chief Executive Officer Bill McDermott told CNBC.

“We want to focus on our core business,” McDermott told the financial news channel. “By staying true to our core, we build a huge ecosystem around us.”

McDermott said the company remains “optimistic” about its earnings forecast, and China offers “unbelievable” growth opportunities

McDermott said neither he nor Mark Hurd contacted each other when the executive left Hewlett-Packard Co. last month.

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