SAP AG today started listing on the New York Stock Exchange, not to raise money – the company is not issuing any new shares – but more likely to raise its profile in a market where it makes over 30% of its sales and receives a fair chunk of its investment. SAP, which currently reports its figures every quarter under German accounting rules is in the process of converting to US GAAP and plans to announce financial information in US GAAP for the 1999 fiscal year and reconcile to US GAAP. The German enterprise resource planning software vendor recently reported pre-tax profits up 30% at $288m on sales up 59% at $1.2m.
