While we believe in organic growth, part of our strategy involves growth through strategic fill-in acquisitions. We routinely evaluate various alternatives and engage in discussions and negotiations with potential parties to such transactions.

Past acquisitions include the following companies (please note that this is not a complete list of SAP's acquisitions):

• Kieffer & Veittinger GmbH
• TopTier Software Inc.
• TopManage Financial Solutions Ltd.
• DCW Software AG
• iLytix Systems AS
• SAP Systems Integration AG
• A2i Inc.
• TomorrowNow Inc.
• Lighthammer Software Development Corp.
• Triversity Inc.
• Khimetrics Inc.
• Virsa Systems Inc.
• Praxis Software Solutions Inc.
• Frictionless Commerce Inc.
• Pilot Software
• Wicom Communications Ltd.
• MaXware
• OutlookSoft Corporation