Oracle (ORCL) has grown so quickly recently, that there has been some cause for alarm that its European rival, SAP (SAP) might buckle under the pressure. No such luck for Oracle.

SAP announced that in the last quarter, license sales rose 10% to $767 million, in line with expecations. In North America, Oracle’s home turf, SAP license sales were up 11%.

Over the last year, shares in SAP are down over 10%. Oracle’s are up over 30%.

Perhaps that trend will begin to reverse itself.

Douglas A. McIntyre