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SAP: activist investor Elliott supports strategy

( - Activist investor Elliott today released a statement revealing that it was "supportive" of German business software maker SAP's most recent strategic initiatives.

In a brief press release, the hedge fund said it was supporting SAP's initiation of a comprehensive review, formation of a special executive board committee and implementation of new, multi-year operational targets.

Elliott did not disclose its stake in SAP, but said that it was managing funds collectively holding 1.2 billion euros in common stock and securities.

According to Elliott, SAP's stock has been "consistently undervalued" relative to its revenue growth, but the company's latest announcements pave the way for "substantial value realization."

This morning SAP reported "double-digit" growth in cloud and software revenue over the past quarter, prompting its shares to jump over 7% in Frankfurt.

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