SAP Market Update Q2 2026: AI Strategy and the Latest Valuation Levels

We are excited to share our latest SAP Market Update as of Q2 2026 – this edition with a dedicated focus on SAP’s AI strategy and the latest valuation levels across the SAP and IT services partner ecosystem.

SAP’s share price has fallen 48% over the twelve months to June 2026, even as cloud revenue and backlog continue to compound strongly. With mainstream support for SAP’s legacy ECC system ending in December 2027, and enterprise AI adoption accelerating fast, 2027 is shaping up to be the year that determines whether SAP is AI-enabled, or AI-disrupted.

This report covers:

• SAP’s positioning in the AI landscape and the strategic questions shaping its next phase of growth
• Key market dynamics influencing SAP’s ecosystem, including migration drivers, AI adoption trends and platform strategy
• SAP’s AI strategy and its “Autonomous Enterprise” positioning, and what this shift means for partners, valuations and M&A
• Current valuation levels across the SAP and IT services peer landscape, how they have moved since Q1 2026, and why the M&A case in the SAP ecosystem remains relevant as the profile of winners evolves

Carlsquare’s View

SAP’s push into agentic AI and the Autonomous Enterprise is redrawing where value sits across its ecosystem. The underlying M&A case for SAP partners remains intact, but capital and buyer interest are shifting away from scale and platform breadth alone, and toward vertical depth, proprietary IP and control of enterprise data.

Carlsquare is one of Germany’s most active M&A advisors in the SAP ecosystem. Our recent transactions include:

• movento advised on its integration into the DABERO Service Group
• implico advised on its sale to EGERIA
• verovis advised on its merger with valantic
• circle unlimited advised on its merger with valantic
• LINKIT Consulting advised on its merger with valantic