The Acronym SAP stands for Systems, Applications and Products in data processing. SAP is a multinational software company in Germany that was formed by five former IBM engineers in 1970. The Company at the time was known SAP GmbH and was later changed to SAP AG.
SAP AG launched its first commercial product in 1973 called SAP R/98, a system that could perform multiple tasks. Since then, the company has developed many enterprise application software capable of handling and managing business processes, such as financial accounting, human resources management, supply chain management, customer relationship management, and sales and distribution.
The company’s products are used in various industries, such as banking, telecommunications, pharmaceuticals, oil and gas, consumer products, retail, automotive and electronics.