SAP, the German-based enterprise software giant and Europe’s biggest technology firm, had another major acquisition this year. The software company announced that it had acquired the US-based customer identity and access management software company Gigya.

According to TechCrunch, the Frankfurt-based software company announced an acquisition of Gigya this week. However, financial terms of the deals have not disclosed to the public, but TechCrunch said that it's estimated to be around $350 million.

The deal is expected to strengthen SAP’s position in the highly lucrative online customer relationship marketing and also gives SAP access to more consumer data for omnichannel experiences.

The deal will also boost SAP’s ability to help its European customers to comply with EU’s privacy regulations, especially the upcoming General Data Protection Regulation, Reuters reported.

About the target company, Gigya

Founded in 2006 and based in Mountain View, California, Gigya provides a Customer Identity and Access Management platform for enterprise businesses which includes products for social login, user profile and preference management, customized registration, user engagement, and integration with third-party services platforms. Gigya currently offers data integration, profile management, and data analytics. The company’s core Identity and Access Management platform enables companies and organizations to manage marketing profiles and preferences.

Gigya’s flagship product is used by some of the biggest companies in the US and Europe.

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These include Bayer, KLM, Forbes, Campbells, Wacom, Fairfax Media, Fox, Turner, ASOS and more. According to Crunchbase, Gigya has already raised a total of $104 million in venture capital fund. The company’s investors include Adobe Systems, Advance Publications, Benchmark Capital, Common Fund, DAG Ventures, First Round Capital, Greenspring Associates, Intel Capital, Mayfield Fund, and Vintage Investment Partners.

About SAP, the acquirer

Founded in 1972 and based in Frankfurt, Germany, SAP is an enterprise software provider that helps companies manage their business operations and customer relations. SAP operates and maintains offices in 130 countries. The German-based company currently has over 335,000 customers using its product in over 180 countries.

SAP currently competes with the likes of Oracle and Microsoft in the enterprise resource planning (ERP) and database market. The company also competes in the supply chain management software, warehousing and industrial software, marketing software, and customer relationship management software (CRM) sectors.

Gigya is likely to be incorporated into SAP’s Hybris marketing business, which reportedly offers an omnichannel integration that allows companies to keep an eye on customers whether they are on online stores or on their mobile phones. Gigya has been a technology partner of marketing software firm Hybris since 2013. SAP has acquired Hybris the same year, and the deal with Gigya has finally sealed the door for the integration process.

The deal, which is still subject to government regulatory approval and rules, is expected to close in the final quarter of this year. Finally, Gigya has currently over 300 employees, and all of them will be coming over the deal.