Software AG considers putting itself up for sale -Bloomberg

·1-min read

FRANKFURT (Reuters) -Software AG is exploring strategic options including a potential sale, Bloomberg News on Thursday cited people familiar with the matter as saying.

Frankfurt-listed shares of the German business software developer jumped 10.6% on the news.

Strategic considerations are at an early stage, the report added. The company, valued at about 2.6 billion euros ($2.9 billion), declined to comment.

Software AG, Germany's second-largest software provider after SAP, is in the midst of a corporate restructuring as it tries to catch up with peers in offering software subscriptions over the cloud, moving a away from its traditional model of selling its products for a one-off price.

Its largest shareholder with a 31% stake is a charitable foundation set up by company founder Peter Schnell.

($1 = 0.8923 euros)

(Reporting by Ludwig Burger and Nadine Schimroszik, Editing by William Maclean and Nick Zieminski)

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