The rally in Taleo shares has been sparked by rival SuccessFactors Inc.’s (NYSE: SFSF). Earlier today, German business software giant agreed to acquire SuccessFactors for $40 per share in an all cash transaction. The acquisition of SuccessFactors has fueled speculation that Taleo could also be a takeover target.
According to BMO Capital Markets analyst Karl Keirstead, the cloud software sector is being consolidated faster than anticipated and in BMO’s view, most investors will likely conclude that Taleo is the most obvious acquisition candidate and that Oracle Corp. (NASDAQ: ORCL), which is SAP’s rival, is the most obvious buyer.
Keirstead also raised his rating on Taleo shares from Market Perform to Outperform.
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