Business Objects will acquire performance management software vendor Cartesis for approximately $300 million, the two companies announced Monday. The deal, which is expected to close in 90 days, will allow Business Objects to expand the line of performance management applications it began building three years ago with its $100 million buyout of SRC.
The move comes less than a week after Oracle completed its $3.3 billion acquisition of Hyperion Solutions and its line of performance management software. It's also the latest in a string of acquisitions among business intelligence software vendors.
Businesses use performance management applications to collect financial information and other operational data and analyze that information using key performance metrics to measure the organization's progress toward meeting company goals. Cognos, Business Objects' chief rival in the business intelligence arena, also sells performance management software based, in part, on applications it acquired through its 2003 buyout of Adaytum for $160 million.
Cartesis' financial consolidation and reporting software is the key attraction for Business Objects which already provides tools for query and reporting, data analysis, performance management, and data quality management and integration. "We are going to deliver, as a combined offering, a more comprehensive performance management solution with the consolidation and reporting built in," said Business Objects CEO John Schwarz in a conference call.
Privately held Cartesis brings to Business Objects about 1,300 customers. The acquisition of Cartesis also will help Business Objects extend its sales efforts deeper into CFO offices among its customers, Schwarz said.
For the business intelligence software vendor's channel partners, Schwarz said the combined product lines would provide new product sales and service opportunities.
The task of integrating Cartesis with Business Objects' performance management product organization will be overseen by Cartesis CEO Didier Benchimol and Mark Doll, senior VP and general manager of Global Services and EPM for Business Objects.