SAP Acquires German AI Lab Prior Labs for 1.16 Billion USD to Enter New Front in Enterprise AI
SAP announced the acquisition of German AI startup Prior Labs, with plans to invest 1 billion euros over four years to build a structured data AI lab. The transaction requires regulatory approval, and the amount was not disclosed, but it is reported to be almost entirely a cash transaction, with the founding team set to receive over 500 million USD in cash. Prior Labs was established 18 months ago and focuses on developing Tabular Foundation Models (TFMs) for processing structured data.