The parts of that market where we compete are both nine billion euros.
Europe was solid as anticipated, and the U.S. exceeded our expectations and we continued to gain market share.
We are dedicated to providing our customers powerful solution offerings that deliver a scalable security backbone to support identity management across evolving corporate and IT landscapes, ... Siemens identity management solution complements our platform and business solutions in order to drive enhanced competitive advantage for our customer base.
Against this background we are confident of our earlier expectations that we will be able to grow pre-tax profits for the current year, excluding provisions for the STAR program, by 30 percent to 35 percent and sales by around 40 percent.
According to the current indications that sales growth in the first quarter will be slightly below our previous year on year rate of 20 to 25 percent, we expect pre-tax profit to fall significantly.
I would expect that in five years from now we would come close to that coverage.
Looking forward, our overall pipeline is healthy and we expect stronger software sales in the second and third quarters.
The third quarter marked another strong performance for SAP. We had record third-quarter software revenues, we gained share against our peer group, and we extended our lead in the U.S.
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