A third option might be to migrate to SAP HANA using the Database Migration Option (DMO) option in SUM. With DMO your migrate and upgrade actions are only on the target system. The source systems isn't upgraded. When DMO is finished you can do the client export/import in the SAP HANA system.
Here some info on DMO: Migration to HANA made easy with DMO and Database Migration Option (DMO) of SUM - Introduction
If you want to learn more on the DMO tool usage there is an course for that to: HA250 - Migration to SAP HANA using DMO.
-- Hay