German software maker SAP AG said Thursday that is has completed its $3.4 billion acquisition of human resources software maker SuccessFactors, expanding its cloud-computing business.
SAP AG is one of the world's biggest business software makers. The German company's specialty is business applications, such as those used for payroll and managing relationships with customers and suppliers.
SuccessFactors' cloud-based applications help companies organize employee performance reviews and bonuses.
The "cloud," a growing area of computing, delivers software to customers over the Internet. With such an approach, customers don't install and run software and services on their own systems.
SAP said in December that it would pay $40 per share for SuccessFactors. SuccessFactors will keep its name and become a wholly owned subsidiary of SAP.
SAP shares rose 28 cents to $65.93 in midday trading Thursday. Its shares are trading near their 52-week high of $68.39.