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SAP is making a U-turn on its acquisition strategy and will not be announcing any big deals within the next few years, CEO Bill McDermott told Morgan Stanley's annual European Technology, Media and Telecoms conference in Barcelona today.

SAP is making a U-turn on its acquisition strategy and will not be announcing any big deals within the next few years, CEO Bill McDermott revealed during Morgan Stanley's Technology, Media and Telecoms conference in Barcelona today.

When quizzed about potential acquisitions, Bill McDermott is quoted by Reuters as saying: "Faced with a choice of stepping up or stepping it down, we are going to step it down."

"If we do something it will be tuck in. It will probably put you to sleep," he added.

SAP's purchase of expenses payment software firm Concur, for an estimated £5 billion ($8.3 billion), will be in complete in three weeks, Reuters reported. 

The CEO has previously told Computerworld how Concur, the most expensive of all SAP's acquisitions, will fit in with SAP's portfolio alongside other recent buys Ariba B2B commerce network and Fieldglass workforce management software.

McDermott promised to outline the firm's annual growth plan for each business through to 2020 at the beginning of next year.