SAP CEO aims to double market value to 250-300 billion euros by 2023: report

BERLIN - Europe's largest technology company SAP aims to more than double its market value to between 250 billion euros and 300 billion euros by 2023, Chief Executive Bill McDermott told a German newspaper.

"Measured on the market valuation of pure cloud service providers, we have potential in our portfolio for a further 90 billion euros in market value," he told Thursday's edition of Frankfurter Allgemeine Zeitung newspaper.SAP is in the middle of a restructuring plan, announced in January, that includes 4,400 layoffs, as McDermott seeks to transform the company into a digital platform business.

Shares in SAP have fallen 5 percent over the past week off a six-month high of 104.88 euros set on April 4. It currently has a market capitalization of 122.35 billion euros , making it Germany's most valuable company.

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