Good morning and good afternoon, ladies and gentlemen, and welcome to today's SAP conference call. Following the opening comment, an interactive Q&A session will be available. I would now like to turn the conference over to Stefan Gruber, Head of Investor Relations. Please go ahead, sir.
Thank you very much. Good morning or good afternoon. I'm here together with my media relations colleague, Christoph Tiel. Thank you for joining this press and analyst call today on such short notice with our co-CEOs, Bill McDermott and Jim Hagemann Snabe, to briefly discuss our plans to acquire Hybris, a widely recognized leader in e-commerce technology, which we announced a few hours ago. We are also joined by Ariel Lüdi, CEO of Hybris, as well as Carsten Thoma, President and co-founder of Hybris. This call is scheduled for around 30 minutes. We'll start with brief remarks by the SAP co-CEOs, followed by Ariel Lüdi from Hybris about the significance and rationale of this acquisition. Then we'll open it up to your questions. Before we begin the call, I will read a few preliminary legal notices.
Any statements made during this call that are not historical facts are forward-looking statements. Forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations expressed in SAP's press release or on this call, including risks and uncertainties concerning the parties' ability to close the transaction and the expected closing date of the transaction, the anticipated benefits and synergies of the proposed transaction, anticipated future combined operations, products and services, and the anticipated role of the company to be acquired, its key executives, and its employees within SAP following the closing of the transaction. Other factors that could affect SAP's future financial results are discussed more fully in our most recent filings with the U.S. Securities and Exchange Commission, including SAP's Annual Report on Form 20-F for 2012, filed with the SEC on March 22nd, 2013.
Participants of this call are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. SAP undertakes no obligation to publicly update or revise any forward-looking statements. Before turning it over to our speakers, let me say again that we'll be keeping the call to about 30 minutes. Please also note that financial terms of the deal are not being disclosed. Let me now turn the call over to Jim.
Jim might be on mute, Stefan.
Jim, please go ahead.
Would you like me to start, Stefan?
Maybe then we start with you, Bill. Just go ahead.
Yes. Okay. Jim is on his cell phone in China. He might have gotten disconnected. First of all, ladies and gentlemen, thank you very much for joining us. This is Bill McDermott, Co-CEO of SAP, and Jim will join me in a minute. I'd like to just keep our remarks to the point. This is the defining step in SAP's evolution to a B2B2C company. We've signaled this all along. We are now in a partnership with Hybris, and we fully intend to unleash the will of SAP on the CRM marketplace. No competitor comes even remotely close to the flexibility and the power of Hybris. When you power that by SAP HANA, it is truly a game changer, putting enterprises in real time with their consumers, and that's what we wanted.
CEOs today are working very hard to enable a 360-degree customer relationship that leverages sales, services, marketing, and e-commerce across all channels. This has to be done with intimacy because today's digital consumer will not tolerate anything less. Now with Hybris, SAP has everything that a CEO needs to run a corporation with the consumer. Best of all, again, I stress it's on the HANA platform. Just think about all the industries that we can serve, and just think about districts like retail, consumer products, public sector, media, financial services, now having a true digital relationship with their consumer in every single channel. Where they can make precision retailing, real-time offers, loyalty offers, all on the fly. This is a huge day for Hybris and also SAP, but most importantly, it's for our customers.
Incidentally, the CEOs that I've been talking to realize clearly that real-time customer engagement across all channels is essential, and that's also what they're investing in. For those of you that probably already know this, I don't want to be repetitive, but I think you and all the CEOs I talk to already get enough emails, and they put them directly into the trash folder. Some of the moves that we saw others make are quite puzzling. Finally, I'd just like to conclude that we think this is a beautiful way to scale SAP.
If you think about our 12,000 partner network, you think about our 240,000 customers in 25 industries, 80+% of the global Fortune 500 running SAP, and 98% of the most valuable brands in the world are now going to get to take full advantage of something we really needed to deliver for them, which is this full e-commerce platform. I'm sure Ariel will go into more detail on that, but I think it's just unbelievable that we have this end-to-end solution for our customers. No competitor has it. Wait till you see this thing running on SAP HANA. We're talking game changer, and we're here to take over the CRM marketplace.
Bill, I'm on the call again. Jim here.
Okay, Jim. I don't know how much of that you heard, but I basically took them through our competitive positioning as a B2B2C. Also, the real time across all channels with Hybris on an e-commerce basis running on the HANA platform. Just that we're asserting our will fully in the CRM marketplace.
Well, I got it, Bill. I was kicked out. I'm in China, everyone. Again, thanks for joining this. Maybe just a couple of comments from me being in China. It is very clear, I'm at the global forum here in Chengdu, that China will move to an e-commerce base of interacting with consumers. Nothing else is possible here. The government have already declared that as a major way to solve the consumer interaction problem in a more sustainable way. If you just take that opportunity into your mind, imagine the leading e-commerce platform of Hybris, combined with our mobile technology, our cloud capability, and as Bill mentioned, the HANA capability, so we can predict demand, we can make trade promotions that matter for the individual consumer and, of course, make the upsell opportunity much more relevant for consumers.
Imagine that happening alone in one market where we are the global leader in China. You bring that to the rest of the world, that's the opportunity we have at hand. This is not about the email world of CRM. This is about the real-time interaction with consumers in billions in volume. With that, I would hand over to our friends at Hybris and ask maybe for their comments, if you're okay with that, Bill. Ariel?
Thanks, Jim. Thanks, Bill. This is Ariel. Thanks, everybody, for joining the call. Just a little bit of history. When we founded Hybris 15 years ago, we had the simple mission to be a great commerce technology company. We stayed through the course. We did nothing else but wanting to evolve with this market and help shape this market. What we have seen over the past few years is that the complexity increased tremendously. Companies were looking for solutions to address this complexity, especially in the last three, four years, with so many channels popping up, new standards, huge data volumes, personalization, order management, product information, and so on. It became more and more complex, and we had the chance and the luck to be always ahead of the curve and actually provide the right solution for our 500 customers.
We actually address three areas, or we evolved in three markets. Looking at CRM, old-fashioned CRM, what you see right now in the market, is batch-oriented. It's offline solutions that actually automate or have nothing to do with the customer, really. They're automating internal people who are customer facing. This is old style. The new style of CRM is all about making real-time split decisions and actually supporting that direct customer process, that the processes where SAP's customer actually create money with their consumers or business partners. That's where we actually extend the solution, the stack of SAP. CRM is evolving dramatically. Just having a new channel like email doesn't really help. You have to be present in all the different touch points, mobile, online, tablet, call centers, and all the new devices are popping up, but also offline touch points like in store.
The second part is, there's a new way we all are being used to a new customer experience, being consumers ourselves. Customer experience for many vendors is being addressed in a very limited fashion. They're talking about pretty pictures online or a search experience or navigation experience on the web. That's not what a customer experience is all about. Customer experience is a huge process. You have to have the solution end to end, crossing all the channels and all the stages of a customer life cycle. When they're researching for a product, during the transaction, during the delivery of the product, and servicing the customer once they've purchased something. If the things work, then they have a good customer experience, and not because they had the pretty pictures on the website. That's exactly what we provide.
That's why we extended back our solution and added order management and product information management and supported all these different touchpoints. Lastly, omnichannel as a new term, is something that we all do practice ourselves as consumers. It's a technical term, but actually what people expect, you and I are expecting when you're interacting with a brand, are three things. Very simple things, but they're hard to do. One is you would like to get the same information, whatever channel you touch. If you go on a mobile or on a tablet or ask somebody in the store or call up the call center or go on the web, you should always get the same information about product, the product functionality, the pricing, the availability, the order status, and so on. Always the same answer.
If you don't get the same answer, customers get confused, and they don't purchase. Very simple request, but hard to do behind the scenes, easy to do with Hybris and SAP. The second part is if you start a dialogue with a brand in one channel, like you're walking through the street on a mobile phone, you see something, you make a search or put something in a basket. Later on at night, watching TV, you look at it in a tablet, or maybe the day after you call somebody up. You would like to continue this dialogue without having to restart all the time and explaining every time again who you are and what you want. Continuing a dialogue independent where you started an interaction with a brand or retailer.
The last part is something also very reasonable for many consumer is, the interactions of these different channels. People purchase channel independent. They don't care about that they ordered something online. They would like to return it in the store maybe, or they would order online and reserve in the store, or go to the store and then order it for home shipping. All these interactions about delivery as well between these channels is a very simple request, but behind the scenes you need a lot of technology to do this. That's exactly what Hybris can offer, together with SAP offering this full stack end-to-end across the whole customer life cycle. Now, talking about my implementation, thanks to our partner network and our ambitions and passions and commitment of our global team of Hybris, we have experienced a dramatic growth over the last number of years.
Today, we have over 500 customers, including top B2B sites like General Electric, Thomson Reuters, 3M, Procter & Gamble, or consumer brands, B2C, like Toys "R" Us , P&G, Nikon, Costco, and so on. They're all using Hybris, most of the time across many countries, many markets, many business models, and many touch points, integrating tightly into the backend system. We have many joint customers together with SAP. Around half of our installed base has an SAP backend, so we understand exactly what these integration points are. Let me give you two examples, also good examples about omnicommerce customers. One is Grainger, a large MRO company that do about $6 billion in the U.S., and they do about 30% online right now with Hybris. They have an incredibly complex way of ordering or managing the data volumes. They have six terabytes of data.
In B2B, every customer has a negotiated price with every product, you can assume the complexity that you have to manage, SAP and Hybris is capable to do that. Another nice brand is Nespresso. I'm Swiss, so I like Nespresso. It's a part of Nestlé. They are the biggest contributor of profit to Nestlé for coffee. They have about 200,000-300,000 orders a day. They're using Nespresso boutiques. They have mobile phones. They have tablets. They have stores. They have call centers. They have email campaigns, all these things are being managed by Hybris, and they fulfill these three things that I just mentioned before. Get the same information on every channel all the time in real time.
You can continue a dialogue if you hop a channel and you can switch, turn, and return and reserve this product independent on which channel you actually currently like. There are many other joint customers where we actually did like a proof of concept that we fit very well together, like a Metro AG or Levi's or Bridgestone or DHL or Colgate-Palmolive. The integration points are sometimes in CRM or into the database business suite or in the analytics on the BI. After this growth and these experiences together as well with SAP as a partner initially to get to know each other, actually, today we take the next step. In SAP, we have found a partner who shares our vision for the future of commerce, and they recognize that intelligence, immediacy, and insight are the hallmark of the 21st century business.
To remain relevant and competitive in today's market, businesses must unify the customer experience across all arrays of channels, devices, and touch points. By combining SAP's powerful enterprise applications with Hybris agile commerce and data management solution, we believe we truly have the potential to powerfully energize and change the market and realize our vision of becoming the world's number one omnicommerce solution. Bill, Jim, and the entire SAP team share our vision and our drive to create technologies, products, innovations that will enable new levels of customer intimacy, insight, engagement across every brand touch point. As an independent business unit, which was important for us, within SAP, we will play a decisive and influential role in enabling the commerce revolution with the additional resources, reach, and scale of the world's fastest-growing database as an enterprise software company.
SAP shares our commitment to customers, understands the complexities of the enterprise, and provides us with the platform to dramatically accelerate our growth, expand our global footprint by providing the solutions that will power the 21st century's largest, most complex omnicommerce enterprises. We are really looking forward to the opportunities ahead. Thank you.
Thank you, Ariel, for these remarks. I would now like to hand it back to the moderator to open the Q&A session.
Thank you. Ladies and gentlemen, we will now conduct a question and answer session. If you do have a question, please press the star followed by the one on your touch tone phone. If you are using a speakerphone today, we ask that you please lift the handset before pressing any keys. Again, ladies and gentlemen, if you'd like to ask a question at this time, please press the star followed by the one. Your first question will come from the line of Chris Bryant of the Financial Times. Please go ahead.
Good afternoon, gentlemen. Three quick questions, if I may. Firstly, on price, I wondered if you could give us just a broad hint, please. Clearly, with Hybris having revenues of about EUR 100 million, I can't imagine that SAP got much change from EUR 1 billion. Perhaps you could give me a hint if I'm in the right direction on that. Second question, please. Gartner had quite a recent report saying SAP had fallen behind Salesforce.com in CRM last year and wasn't growing fast enough. Should we interpret this acquisition as SAP's response to that? Third question, please. Why did this take so long? SAP's been rumored for a long time as a potential acquiritor, yet there was this funding round in March. I would have thought that would have been the right moment for SAP to buy. Thank you.
Maybe I could just start out. This is Bill McDermott. How are you, Chris? A couple of things. One is on the price. We paid a fair price for the company. We're not disclosing what it was, but it's consistent with other high-growth assets. Keep in mind, this is the fastest-growing asset in the category by a lot. For example, other ones that were growing at 20%, which would be alternatives such as email companies, went for a hefty price. Think about the multiples consistent with a high-growth company and one that we can scale across the world. In terms of Gartner's remarks on CRM, it's absolutely clear to us that the real-time enterprise and the end-to-end business-to-business to consumer across all channels, leveraging the power of SAP HANA, is the winning formula.
It is the most modern architecture in the world, this is the piece that we had to have to complete the puzzle, and that's why we're so proud to have Hybris. You're right, we are going to totally unleash our will like never before on the CRM marketplace and the competitors that decide to go against us. This is going to be good fun. Finally, I would just say in terms of taking so long, I think what you have to recognize in this case is the quality of Ariel and Carsten and their great company. We wanted to make sure that it was right culturally, that we had all the dynamics of the go-to-market, the innovation, and how we would manage the company, clearly thought through before we decided to go.
When we decided to go, we are friends, and we are close, and we want to rock the market together. The timing couldn't have been more perfect.
Thank you very much.
Thank you.
Let's take the next question, please.
Your next question will come from the line of Ross MacMillan of Jefferies. Please go ahead.
Thanks a lot. Congratulations on the deal. Two questions. Number one, the product set with Hybris is mostly, I think, an omnichannel e-commerce product. It's going to be run as a standalone entity. It strikes me that the real advantage here would be in close integration with SAP's core CRM solution over time. Can you just talk about how you plan to think about integrating the products as we move forward? Thanks.
I guess, Jim, you want to come in on that?
Maybe I can start. Then I would suggest that we get some input as well from Hybris. Clearly, our value proposition is the integration. We don't believe in standalone pieces where the customer has the pain of the integration. We'll go much, much further. First of all, the products are already integrated at 150 customers around the world. We know how to do this. We've done it, and I believe Hybris has done an effort to even standardize that integration. You're spot on. We want to go much further than that. That's why I said in my remarks, imagine when you put our mobile platform and our mobile apps into the mix where we have one commerce channel, where we have loyalty-type interactions with consumers. You add our cloud.
Today, a lot of the Hybris business is on-premise because the customers really want to control their own destiny and their own e-commerce. You put that into the HANA Enterprise Cloud, you suddenly take radical reduction of cost and simplify the consumption of this technology. Of course, HANA, you put this on HANA, you realize how this enormous amount of data with the interaction points on consumers can be leveraged to be more relevant to individual consumers. With that, create massive growth opportunities for the customers using this technology. We're doing more than integrating. We're trying to give Hybris all of the leading technologies that we already have. That is a combination no one else has in the market today. No one else has HANA, for instance. Ariel or Carsten, do you want to comment any further?
Yeah, just wanted to add that being a multi-channel solution, obviously, we can add value in many different ways. Hybris is never being used in isolation at the customer site, so it makes no sense to have them in isolation within SAP. All these examples I gave you, a commerce platform has an incredible deep integration layer to many back-office systems. For instance, Nespresso, there is a very deep integration into SAP CRM, where the 20 million loyalty customers of the Nespresso club are being managed, and we access them in real time to provide an incredibly great customer experience on all the touch points, which are Hybris based, which is mobile call center, the web, and in store as well.
Okay, thank you. Let's take the next question, please.
Your next question will come from the line of Cornelius Rahn of Bloomberg. Please go ahead.
Yeah, thanks very much. Thanks, guys. Just one question. One is relating to you made this deal, I think, even almost a month ago or two weeks ago. Just what held that back? Was it legal issues? What's the deal there? A second question, maybe, just a bit more detail on you say you want to bring mostly SAP technology and integrate it into what Hybris is already offering. Can you say what the effect could be on the relationship, on the competition with Salesforce? Do you think you can claim the top spot back this year or next year? Can you say something about that? Thanks.
I'd like to just make a comment.
Yeah, go ahead, Jim. Why don't you start it off? No, please.
Okay. First of all, we move quite fast these days, and of course, our due diligence as a global business leader in enterprise software is a thorough process. I think we've done exactly what we need to do as a company and found that Hybris is an extremely well-run company, and we feel good on all dimensions. We just have to go through that process. Now, coming to the competitive situation, you kind of begin to see a pattern here, a little bit like we saw with our other competitor. There's either the strategy where you consolidate the past, and that's about sales force automation, and it's about sending emails out and marketing. You define the future, which is about individualized consumerization, the change of the experience for the consumer, understanding each individual consumer's individual requirements, and be able to analyze, predict, and upsell.
That's where we are going. In many ways, you could say this is not about a catch-up. This is about defining the next generation CRM, and it's not about email, I can assure you. Bill, you want to comment?
Jim, you said it perfectly. I would just simply add that if you go into the boardrooms of well-run companies today, the top of the CEO agenda begins with the customer. It always has. It doesn't begin with the sales department having their seats organized on an SFA application. It doesn't begin with sending out email blasts and going for some hit rate on emails, especially since we all delete them anyway. What it really touches on is this intimacy effect with the customer. Here's the deal. If you go to a big company, a midsize, or a small company CEO, they all got the same thing on their mind. How do I go direct to my consumer?
If I can increase my sales direct to consumer, if I can take the friction points out of that customer relationship, and then, as Ariel beautifully said, if my consumer comes in on any channel whatsoever, on any device, they have the same frictionless, beautiful customer experience with me as if I had a salesperson directly sitting in front of them, taking care of them personally. That is what they all want. Now, the other thing they want is they want to give credit to these good consumers for loyalty and awards, and they want to do that on standalone kiosks as much as they want to do that on direct to consumer over the Internet.
The other thing they want to do is they want to sense and respond how the crowd is moving, how the offers are going, so they can aggregate these understandings on something like HANA and then change their offers dynamically and in real time to upsell and cross-sell and really lock these customers into life-lasting relationships. That's what sells in the boardroom. I just can't push the email blast as strategic to any of the CEOs I met.
Okay.
Thank you very much.
Thank you.
Let's take the next question, please.
Your next question will come from the line of Adam Wood of Morgan Stanley. Please go ahead.
Hi. Thanks very much for taking the question. Just wanted to come back. You mentioned about attacking the CRM market very aggressively. Could you maybe help us understand a little bit what you see as the market opportunity in your install base from Hybris? Maybe help us out with the deal sizes and how you think they might grow as you push this product into the base. What do you think is the key point that's going to help you displace the competitors? I mean, is this a market where the landscape is very fragmented in your customers, and therefore it's relatively easy to penetrate? Or is it more a question of displacement? Thank you.
Maybe I could just start off with a few facts that might be helpful. We do have the largest and fastest-growing enterprise software company in the world. We're up now around 240,000 customers in 25 distinctly different industries. Don't forget, our partner network is over 12,000 strong, not to mention nearly 400,000 trained consultants on the ground. I think the endorsement of more than 80% of the Fortune 500 on SAP is interesting. Too is the fact that 98% of the most valuable brands in the world run SAP. What Carsten and Ariel and their teams are going to immediately be able to do is open all of these doors with the SAP sales force, which for my money, is the most aggressive and professional value-oriented sales force on the planet Earth. That's day one.
Bottom line is they also have some accounts, half of them that are non-SAP. Well, guess what? They can all be SAP too. We want them all to come our way. We are going to unleash a CRM campaign to these customers, that has never been seen before in the world. Now, as Jim and Ariel have stated very clearly, this is the end-to-end, business-to-business-to-consumer story, and now you've got a 21st century CRM platform that does not exist anywhere else in the world. I do reassert the fact that you want it in the cloud, you got it in the cloud. You want it on the mobile, you got it on the mobile. You want to touch any touch channel, you got that. By the way, best of all, you got it in real-time because there's nothing faster than HANA in the world.
Incidentally, if you talk about any of the current providers and you ask the customer, what's your number one concern? I can't get real-time analytics. I can't get speed. I don't have the insight that I need across all the channels of what my consumer's doing today. I want to know what they're doing right now, and this is the game changer. We're going after all that install base, SAP and non-SAP. The sales force is turned on, and we'll have some marketing campaigns to get awareness out there with all the CEOs that I think will be very interesting.
Thank you. Now we have time for two final questions.
Your next question will be from the line of Stefan Paravicini of Berenberg. Please go ahead.
Yeah. Hi. Two quick ones, if I may. First one for Mr. Lüdi, I guess. Are you supposed to run as an independent unit after closing? Will there be any role for your previous investors, for example, in the board? The second one, I just want to give it another try. Reuters writes that SAP pays a three-digit million dollar price for Hybris. Could you just give us an idea whether this is a rather low or a rather high three-digit number? Thanks.
Hi, this is Carsten here. There's going to be no role for our current investors. They're going to completely divest. With regards of the purchase price, I can only refer to Jim's and Bill's comments.
Thanks.
Jim and Bill
Actually, could I add a comment on how we will run the company? We do believe that this is a very important category. We'd love to have the management team of Hybris run that. We will ask the Hybris team to leverage SAP. What that means is take full advantage of our technology. We have world-leading technology. We talked about the HANA, the cloud, the mobile, and Bill just mentioned, take advantage of the sales channel of SAP. Imagine you do both. That's the opportunity we have, and that's what we'll pursue.
Exactly.
No comment on the
May I just make one comment on the valuation? Just so you know, there's really no point in disclosing it. Hybris was a private company. I can tell you that there was others that wanted Hybris wanted SAP, and Hybris could have done a lot of things, but they saw the immense expansion opportunity and the fulfillment of their dreams, to be this omnichannel e-commerce platform for the world. That was the dream. They felt that they could fulfill that dream with SAP. I'm not putting words in anyone's mouth. That's what Ariel and Carsten told us, and that's why we were so high on this company. Also, think about this company. They grew 89% last year. I think when you look at some of the other ones out there, they're growing around 20%, and they have a very different business model.
I think one of the real hallmarks of this company is the true high value that they offer in the boardroom. I am not talking to the sales director who wants to rationalize some leads. I am talking CEOs that want to run real companies.
Thank you. We now have time for one final question, please.
That final question will be from the line of Phil Winslow of Credit Suisse. Please go ahead.
Guys, congratulations on adding the, what people often forget, the fourth cloud of CRM commerce. Bill, a question for you, just actually to the marketing side, obviously with Customer 360 that you all have launched and now with Hybris, you have a lot of components of both the cloud-based and on-premise really complete CRM system. How do you see sort of marketing fitting in there since marketing has come up today? Then a question to Jim, could you also maybe expand on sort of just the hybrid aspect of Hybris and just sort of how that fits into your strategy? Thanks.
I'll just start it off. Thank you very much for your nice remarks. We're very comfortable with the assets that we have within SAP. That's not to say that we don't look at opportunities when they come our way. Certainly, we wouldn't be interested in email blasts as an automating factor, but there are other things, we've got a lot of the assets. What we really get excited with Carsten and Ariel is they're blown away by how much functionally a rich solution that SAP has than they even realized. I think one of the things we get with these guys is a sharp CRM eye that can really help us take our own innovation and our own development efforts to the next level.
That's why Jim and I wanted to personally make sure that we nurtured this company, gave them the best of everything at SAP, and let them spread their wings and run. That's why we're going to have them report right into the Co-CEOs, so there's no misunderstandings. I'll let Jim finish the rest of the answer.
Bill, your second answer, just so I understand your question there. You talked about the hybrid aspects. I assume you mean on-premise and cloud. Is that correct?
Correct, yes. Yep.
Right now, Hybris has experience, and we are actually seeing the same, that most large companies want to control their own interaction with their consumers. They actually want to control their stores, not different to a retailer who want to control exactly how the layout is in the physical store. The same is true on the e-commerce side, which means that most of the large companies today are looking for an on-prem type interaction with the Hybris assets. However, you put Hybris on HANA, and you put that infrastructure into the SAP HANA Enterprise Cloud, suddenly you can offer the combination of, you get to control your store exactly as you like, and you get the cloud benefits because it's a subscription-based infrastructure, and you get the speed of HANA to understand your individual consumers much, much better. That would be the first step.
This is a hosted type cloud, which gives the benefits of cloud and HANA at the same time on top of Hybris. Clearly, if you go down to the mid and small companies, they will look for more generic, much faster ways to get into the cloud, or sorry, into the store. There we will be, of course, able to put the Hybris infrastructure in our public cloud, which we already have a very strong CRM solution, and now going after that market in a very, very strong way. Again, as Bill said, we offer ultimate choices, on-prem, the private hosted, and the public cloud, and of course, all of it through the mobile infrastructure as well. Does that help?
That's perfect. Thanks, guys.
One of the things to build on what Jim just said, I want you guys to know something. We're winning CRM on-demand in the multi-tenant public cloud all over the place. We'll have more to say about that when we owe you a report out in July. We'll have references on our sales on-demand multi-tenant cloud-based solution, and lots of them. We're winning in that category too. This is all about winning on every dimension of CRM because that's what CEOs expect us to do.
Well, thank you very much.
This concludes our call for today. Thank you all for joining, and goodbye.
Thank you.
Thank you. Bye-bye.
Thank you. Ladies and gentlemen, this does conclude the conference call for today. Again, we thank you for your participation, and you may now disconnect your lines.