If you can’t beat ‘em, join 'em, goes the old dictum, and SAP could be joining forces with Alfresco to provide it with a missing component in its enterprise software stack.

SAP’s recent decision to help pump $9m into Alfresco coffers was an indicator that the ECM open-source startup company is highly thought of in Walldorf. Of course, the investment was made by investment arm SAP Ventures and does not commit the firms to working together but you don’t wave to be Gipsy Rose Lee to read a little into these tea leaves.

Some close to SAP say that the German giant was looking for an ECM strategic purchase in the days when Shai Agassi had power. Open Text was the company most often linked back then and a deal would have made a ton of sense as the pair had worked together before on many projects. It would also have had the effect of potentially weakening Oracle, before the database giant went out and bought Stellent and BEA to give itself a full house of ECM products.

Alfresco might well be the hottest property among new ECM companies. The company has plenty of managerial experience and engineering talent from old-world ECM but has none of the legacy code and is free to explore potential of the latest tools. Its approach of building systems by layers of web services, rather than through software breeze blocks, might well fit with SAP’s NetWeaver strategy.

I spoke to Alfresco chief marketing officer Ian Howells after the investment was announced and he was keen to reiterate that Alfresco’s plan is to IPO rather than sell out. The big vision is to build a “world-class” software company and there are rich pickings to be had among smaller companies and those happy to serve themselves rather than follow the ancient enterprise path of consulting-led engagements and long negotiating cycles.

Good for him and Alfresco, but that shouldn’t preclude the company from working closely with SAP so that when enterprise applications owners come to look at content management again, there is a good fit between this pair.