Gigya, whose customer identity management platform helps companies build digital relationships with some 1.3 billion consumers, has entered into an agreement to be acquired by software giant SAP.

The company did not disclose the price tag of the deal, though it has been reported at $350 million. Gigya was founded in 2006 in Israel and currently employs 300 people in its offices in Mountain View (California), Tel Aviv and London.

“Gigya brings a wealth of skills and expertise that will significantly enhance the SAP Hybris Profile solution and allow us to take leadership of the emerging customer identity and access management market,” said Carsten Thoma, president and cofounder of SAP Hybris, with which Gigya has partnered since 2013.

The acquisition — expected to close in the final quarter of 2017 — will enable SAP Hybris to offer a cloud-based data platform enabling companies to profile and convert new customers, gather accurate conclusions from disparate consumer engagement sources and collect data for enhanced consumer choices that are in line with regulations.

“Combining the data matching and enrichment capabilities of SAP Hybris Profile with Gigya’s consent-based identity data and access management platform will allow us to identify consumers across channels and offer a robust single consumer profile,” said Patrick Salyer, CEO of Gigya.

“This is a vital step for digitalizing businesses because companies need to be able to draw accurate conclusions seamlessly across all channels, including web, mobile, in-store or connected devices, and the Internet of Things, as well as collect data about consumer preferences. Together, we are uniquely positioned to drive more effective marketing, sales and service through data, while the customer stays in control of how much data is shared.”