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SAP to empty coffers in favor of Oracle after lawsuit verdict |
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A jury has ruled that SAP should pay Oracle $1.3 billion, which is approximately half its last year's annual profit, to Oracle for piracy of software and documents.  In a statement issued subsequent to the jury's verdict, Oracle President Safra Catz said, "For more than three years, SAP stole thousands of copies of Oracle software and then resold that software and related services to Oracle's own customers. Right before the trial began, SAP admitted its guilt and liability; then the trial made it clear that SAPs most senior executives were aware of the illegal activity from the very beginning. As a result, a United States Federal Court has ordered SAP to pay Oracle $1.3 billion. This is the largest amount ever awarded for software piracy."SAP had earlier earmarked $160 million for paying out damages that it had anticipated in the case, of which $120 million is already said to have been paid out to Oracle's lawyers. The $1.3 billion penalty, apart from catching SAP unawares, was reported as a game changer for the industry given that it wipes off a large chunk of SAP's profit from yesteryear, notwithstanding the substantial damage to its reputation. The case pertained to documents stolen from Oracle by a company called TomorrowNow, which SAP acquired in 2005 for $10 million. In a statement, SAP said it was disappointed by the verdict and would “pursue all available options, including post-trial motions and appeal if necessary.” “The mark of a leading company is the way it handles its mistakes.” the company said, adding that it regrets “the actions of TomorrowNow, we have accepted liability, and have been willing to fairly compensate Oracle. Our focus now is looking forward...” |
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