The acquisition would be the second largest in SAP’s nearly 40-year history, and comes after the departure in February of Chief Executive Leo Apotheker, who was replaced by co-CEOs Bill McDermott and Jim Hagemann Snabe.

SAP’s main rival, Oracle Corp., was the first major software maker to aggressively pursue acquisitions and has spent more than $42 billion to buy about 60 companies.

California-based Sybase sells programs that make it easy for workers to access business software via smartphones and other mobile devices. SAP already uses the technology to let customers access its applications when they are on the road.

SAP has agreed to pay $65 per share in cash for Sybase, which is the world’s No. 4 provider of database software, the companies said. That represents a 56% premium to Sybase’s Tuesday closing price on the New York Stock Exchange.

Sybase shares rose to $64.50 in extended trade, after having climbed 35% to $56.14 on the NYSE.

Sybase also sells a powerful database that large companies, such as banks, use to store sensitive information. It is the fourth-largest maker of database software after Oracle, IBM and Microsoft Corp.

Deutsche Bank and Barclays advised SAP, while Bank of America Merrill Lynch advised Sybase.

SAP’s biggest acquisition to date is its $6.8-billion purchase of Business Objects in 2008. - Reuters