Oppenheimer’s Software Sector Update (SAP, MSFT, ADBE)

According to Oppenheimer, “While presenting at the company's shareholder meeting yesterday, SAP's SAP Co-CEO Jim Hagemann Snabe told investors the company is interested in additional acquisitions, even large ones as a means of accelerating its growth and expanding its market share, though the company's primary driver of growth would be organic… We also note that SAP's shareholders approved a €120M share buyback, which represents ~10% of its current shares outstanding.” The analysts say, “Microsoft MSFT provided an update on its vision for Windows Phone 7 in the enterprise… MSFT also described the phone as "future ready with cloud / services integration," able to support mobile access of the Microsoft Business Productivity Online Suite through Outlook Mobile and the Office Hub. We note that Mary-Jo Foley from ZDNet reported that Windows Phone 7 will initially sync with Exchange Server 2007, Exchange Server 2010 and the Exchange 2007-based version of Exchange Online when it is released at the end of the year.” “Mercer announced a new talent management offering called Human Capital Connect (HCC) to offer customers an integrated rewards and talent management consulting solution… We note that Mercer's Global Head of Operations & Technology, Kim Seals, will oversee the new HCC initiative,” Oppenheimer mentions. The analysts add, “Adobe Systems Incorporated ADBE announced that its Photoshop Lightroom 3 had moved from beta to GA… In addition, Photoshop Lightroom 3 has enhanced output capabilities and allows customers to easily move content from Lightroom to online sharing sites.” More Analyst Ratings here