B2B procurement platform SAP Ariba is entering its newest market.
The company revealed on Wednesday (Aug. 24) that it will be available to businesses in China by the end of the year; SAP Ariba revealed the plans at the SAP Select event in Beijing.
"The world is in the midst of a digital transformation, and China is at the forefront," said SAP Ariba President Alex Atzberger in a statement. "We look forward to bringing the world's leading cloud procurement solution to customers in China to speed up their journeys and help them drive innovation and growth."
In another statement, SAP SE Global SVP and President of SAP Greater China Mark Gibbs pointed to the digital market trends taking hold in China as instrumental in SAP Ariba's launch in the market.
"As eCommerce continues to take hold in China, SAP Ariba provides a simple, open and smart way for Chinese companies to manage everything from contracts to payments all in one place," he said. "SAP Ariba's market-leading solutions remove the complexity from business commerce, and we believe they will enable Chinese customers to gain a competitive advantage in the digital marketplace."
Last year, a report from iResearch uncovered trends in China's rising B2B eCommerce and eProcurement sector. Analyses found a 30 percent increase in B2B eCommerce operations by SMEs in the country in 2014 and predicted the industry there would experience at least a 20 percent annual growth rate by 2018, hitting a value of more than $8.5 billion.