SAP, and Oracle, and IBM, oh my! ‘Cloud and AI’ drive legacy software firms to record valuations

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TechCrunch 2d ago

SAP, and Oracle, and IBM, oh my! ‘Cloud and AI’ drive legacy software firms to record valuations - TechCrunch

Quick Summary:

There’s something of a trend around legacy software firms and their soaring valuations: Companies founded in dinosaur times are on a tear, evidenced this week with SAP‘s shares topping $200 for the first time.

Founded in 1972, SAP’s valuation currently sits at an all-time high of $234 billion.

And Adobe, founded in 1982, is also doing pretty well, with its valuation up 8% year-on-year to $236 billion — Adobe reported record Q1 and Q2 revenues with AI and cloud touted as pivotal to this growth.