SAP buys TechWolf in record Belgian VC-backed deal

What happened

The deal is reported to be the largest acquisition (one company buying another) of a venture-backed software company in Belgian history, according to the startup being acquired. German software giant SAP is buying a Belgian startup that leverages AI to help companies understand the skills and work of their employees, it said today. SAP is a software and software development company based in Walldorf.

SAP is acquiring TechWolf, founded in 2018, for an undisclosed sum, saying it would become a key part of its talent and workforce strategy. TechWolf, located in Ghent, employs more than 120 people.

It is backed by the likes of Felix Capital, Notion Capital and Harry Stebbings’ 20VC. SAP, ServiceNow and Workday have also backed it, as have AI leaders from DeepMind and Meta.