SAP SE announced plans Sunday to acquire Gigya Inc., an Israeli startup that offers a customer identity and access management platform.

The price of the acquisition was not formally disclosed, but it’s not small: Reuters reported Israeli media as saying that deal was done for about $350 million.

Founded in 2006, Gigya offers its platform on a “registration as a service” basis to assist companies in converting unknown customers into what they hope will become loyal and engaged customers. The technology is claimed to assist in increasing business registrations, identifying customers across devices, consolidating data into rich customer profiles and in providing improved service, products and experiences by integrating data into marketing and service applications.

The company currently manages 1.3 billion customer identities in order to build identity-driven relationships for its enterprise clients. Importantly, it’s compliant with the forthcoming European General Data Protection Regulation laws. Gigya serves customers including Bayer, Ferrari, The American Red Cross, Speedo, Forbes, Fox and various others.

Upon completion of the deal, SAP intends to meld Gigya’s platform into SAP Hybris. Notably, Gigya has been a SAP Hybris partner since 2013, meaning that customers from both companies already have cross-platform access.

“Gigya brings a wealth of skills and expertise that will significantly enhance the SAP Hybris Profile solution and allow us to take leadership of the emerging customer identity and access management market,” Carsten Thoma, president and co-founder of SAP Hybris, said in a statement. “Consumer trust is the main currency to succeed for customer-driven organizations. This is what Gigya is known and recognized for.”

Gigya Chief Executive Officer Patrick Salyer said the combination of data matching provided by SAP Hybris Profile with Gigya’s consent-based identity data and access management platform will allow SAP Hybris users to identify consumers across channels. This is a “vital step for digitalizing businesses because companies need to be able to draw accurate conclusions seamlessly across all channels, including web, mobile, in-store or connected devices, and the Internet of Things, as well as collect data about consumer preferences,” he added.

Prior to the acquisition, Gigya had raised $104 million over seven rounds. Investors included Adobe Systems, Advance Publications, Benchmark, Common Fund, DAG Ventures, First Round Capital, Greenspring Associates, Intel Capital, Mayfield Fund and Vintage Investment Partners.

Photo: Gigya