Mubasher: Germany-based SAP on Tuesday said that its unit SAP America would buy cloud-based human resources software company Callidus for $2.4 billion.

The German business software group will pay $36 per share for the California-based firm, MarketWatch reported.

Europe's top technology company highlighted that the deal would be funded through existing cash balances and an acquisition term loan.

Meanwhile, Callidus Software revealed that its board had unanimously approved the deal.

The takeover is SAP’s latest move to foster its cloud-computing business. In a bid to push beyond its traditional software-licensing operations in recent years, SAP has clinched a series of cloud-focused business acquisitions.

In 2014, the software and service provider acquired travel management and expense software maker Concur Technologies for $8.3 billion.