Pzena Investment Management, LLC — International Value Composite on SAP SE
Thesis
Pzena bought SAP because the migration of its large legacy on-premise customer base to the cloud should produce significant revenue uplift per customer. The company is deeply embedded in mission-critical enterprise workflows, which Pzena views as a durable competitive advantage. The thesis combines the monetization opportunity from cloud migration with the durability provided by SAP's incumbency in essential corporate systems.
“We also bought SAP, a leading enterprise resource planning (ERP) provider.”