Lockheed Martin Corp (NYSE: LMT) and SAP SE (NYSE: SAP) said on Wednesday that they had expanded their strategic relationship to transform the mission-critical business systems that power Lockheed Martin’s OneLM Transformation Program.
The latter represents the business and digital transformation effort that aims to improve Lockheed Martin’s speed, agility, insights and competitiveness.
With this decades-long collaboration between the two companies, Lockheed Martin is leveraging the RISE with SAP solution to expand its enterprise cloud capabilities and introduce the tools required to implement core business processes in managed FedRAMP-compliant cloud environments via the OneLM Transformation Program, the companies said.
RISE with SAP will bundle the applications, platforms, tools and services necessary to enable business process innovation for Lockheed Martin, identify efficiencies and support the company’s vision to provide enterprise interoperability and meet the needs of the government, defense and aerospace markets.
“By leveraging SAP’s industry expertise, the RISE with SAP solution, and the strength and reliability of SAP S/4HANA, Lockheed Martin aims to further enhance its position as an intelligent, sustainable enterprise in the cloud while operating with uncompromised security and support,” Scott Russell, member of the Executive Board of SAP SE and lead of Customer Success, SAP SE, said in a press release.
“After nearly 25 years of partnership, we are proud that Lockheed Martin is leveraging SAP technology to tackle truly incredible missions – like taking humans back to the moon. With this announcement, they are looking beyond the moon, with one of the most innovative enterprise business and digital transformations ever conceived, hand-in-hand with SAP,” Russell added.
“Our customers, including the U.S. Department of Defense, face rapidly evolving threats, and they have made it a priority to become faster and more agile without compromising security. By expanding our partnership with SAP and by accelerating our move to the secure cloud, we will be able to provide the increased speed, agility, security and resilience our customers need to stay ahead of ready,” Yvonne Hodge, Senior Vice President, Enterprise Business and Digital Transformation, and Chief Information Officer at Lockheed Martin, said.
The shares of Lockheed Martin Corp closed 1.10% ($4.93) higher at $454.16 in New York on Wednesday, with the security and aerospace company’s total market cap now standing at $119.02 billion.
The shares of Lockheed Martin Corporation went up 36.88% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).