Not to mention that Oracle is also on shopping spree... The question is really whether disruption in enterprise software (cloud, SaaS) will generate new companies or old one will just acquire and change.
I think that the most important factor in big companies such as SAP or Oracle is not whether leadership is smart in their answers to new disruptions, but whether middle management is agile enough to embrace these kind of innovations.
The Walking Dead can survive quite some time by buying up competitors. Happens in all areas of business. Decline isn't fast for the big ones. But eventually, they go poof. Sun, DEC, etc.
I think that the most important factor in big companies such as SAP or Oracle is not whether leadership is smart in their answers to new disruptions, but whether middle management is agile enough to embrace these kind of innovations.