SAP confirmed as Sharks naming rights partner

German software firm SAP has confirmed the terms of its naming rights agreement with the City of San Jose and the San Jose Sharks for the home arena of the National Hockey League franchise.

The deal to replace outgoing sponsor Hewlett-Packard was first reported last month and was confirmed by an unveiling ceremony at the newly re-named SAP Center at San Jose on Tuesday. SAP has bought out the final two years of HP’s contract and added three more years to its commitment, with a five-year option.

SAP founder Hasso Plattner is also the Sharks’ majority shareholder.

The city will receive $1.625m (€1.25m) annually under the contract and $375,000 per-year will go towards the Sharks Foundation community initiative, while SAP is focused on using a range of its technology solutions to improve fan experience at the SAP Center.