German software giant SAP is buying a Belgian startup that leverages AI to help companies understand the skills and work of their employees, it said today.
The deal is reported to be the largest acquisition of a venture-backed software company in Belgian history, according to the startup being acquired.
SAP is acquiring TechWolf, founded in 2018, for an undisclosed sum, saying it would become a key part of its talent and workforce strategy.
TechWolf, located in Ghent, employs more than 120 people. It is backed by the likes of Felix Capital, Notion Capital and Harry Stebbings’ 20VC.
SAP, ServiceNow and Workday have also backed it, as have AI leaders from DeepMind and Meta.
It has raised more than $50m in total. By acquiring TechWolf, SAP will get insights into its customers' workforces, at a time when AI is driving significant change in the workforce. The deal is expected to close in the fourth quarter of this year.
TechWolf says the deal is the largest acquisition of a venture-backed software company in Belgian history. TechWolf has offices in London, New York and one soon to open in San Francisco.
Manoj Swaminathan, president and chief product officer for SAP Autonomous Suite, said: “TechWolf’s proprietary context graph for skills and work provides an excellent grounding layer for agent queries regarding work and skills planning and talent management.
“This grounding layer perfectly matches our strategy. It makes token usage more efficient, lowers the cost of deploying workforce agents and will make Joule more intelligent in AI-driven HR scenarios such as skills-based hiring, workforce planning and role redesign.”
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