Ariba (bought by SAP in 2012) and Concur Technologies both successfully transitioned from packaged software to an on-demand model, and both stocks were severely punished in the interim.
In an attempt to fend off a growing group of challengers, SAP has been investing heavily in acquiring cloud companies including recently Ariba and SuccessFactors, as well as building out a global cloud infrastructure, which it plans to offer its enterprise customers.