SAP SE

SAP's software runs the back offices of a large share of the world's big companies, handling the unglamorous work of finance, supply chains, manufacturing and human resources. Five former IBM employees started it in Walldorf, Germany, in 1972, and it grew into the world's largest maker of enterprise resource planning software. The core product, now sold as S/4HANA, is the system of record that ties a company's operations together.

The current story is the shift to the cloud. SAP is pushing customers off older on-premise licenses onto subscription contracts, which trades big upfront sales for steadier recurring revenue. Because ripping out an ERP system is painful and risky, its customers rarely leave, giving SAP the kind of pricing power and predictable renewals that make the business so durable.

On MyRWA, SAP trades tokenized across 2 on-chain venues - see the listings below.