The German software giant SAP has overtaken the Danish pharmaceutical company Novo Nordisk as the most valuable European company.
On Monday, SAP’s market value increased to €314 billion, while Novo Nordisk’s valuation stood at approximately €310 billion.
SAP has been on the rise in the stock market for some time, whereas Novo Nordisk has seen a decline.
The software company is benefitting from growing interest in artificial intelligence and its effective cloud strategy.
SAP is transitioning from selling traditional software licences to providing cloud-based services.
