• Technology
  • CFO.com | US

Business Objects to Buy Cartesis

The ranks of financial software providers shrink again as consolidation continues.

Consolidation of business software for the finance department continued Monday as Business Objects announced that it will buy privately-held Cartesis S.A. for $300 million.

Business Objects is a provider of business intelligence software while Cartesis
specializes in enterprise performance management software.

“This acquisition marks an important step in our strategy of systematically
building out the industry’s best performance management platform,” stated
John Schwarz, CEO of Business Objects, in a press release. “The acquisition of Cartesis will allow us to extend our comprehensive solutions for the office of the CFO by
providing critical, cross-application and cross-database line of sight to
financial and management reporting, including consolidated statements and
budgeting — all on the industry’s number one business intelligence platform.”

The move by Business Objects follows Oracle’s similar purchase of Hyperion Solutions Corp. last March.

Business Objects, which has dual headquarters in San Jose and Paris, says the Cartesis acquisition will broaden its existing performance management and business intelligence software offerings to address U.S. and international standards for financial reporting and consolidation, as well as governance, risk, and compliance management.

In a conference call, Schwarz said his company is looking to buy additional companies. “We are an acquisitive company,” he said, according to Reuters. “This by no means signals the end of acquisitions. You can expect us to be relatively active.”

He also called Cartesis a “crowning component” allowing Business Objects to deliver a “complete business platform for chief financial officers and business users,” according to the wire service.

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