FRANKFURT (Reuters) – U.S. activist investor Elliott revealed a 1.2 billion euro ($1.3 billion) stake in SAP and said it supported a new management efficiency drive, sending shares in the German business software maker to an all-time high.

FILE PHOTO: SAP logo at SAP headquarters in Walldorf, Germany, January 24, 2017. REUTERS/Ralph Orlowski/File Photo

The pivot by CEO Bill McDermott came as SAP reported a quarterly operating loss due to a staff restructuring charge, and started to integrate its latest ambitious acquisition, that of customer-experience software maker Qualtrics.

SAP, Europe’s most valuable technology company, now wants to expand adjusted operating margins by a total of 5 percentage points through 2023 as it scales up its cloud operations, where it aims to achieve a gross margin