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Business Objects Announces Its Intent to Acquire Cartesis

Mergers / Acquisitions
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Business Objects, a leading provider of business intelligence (BI) solutions, announced Monday that it has entered into a definitive agreement to acquire privately-held Cartesis S.A.

Cartesis is a leading specialist in enterprise performance management (EPM) software with more than 1,300 customers worldwide. Cartesis provides financial reporting, consolidations, and planning capabilities, as well as a new governance, risk, and compliance portfolio. The acquisition will add important functionality to the Business Objects performance management platform, the company says. The company reports it can now offer everything from analytics to profitability, to consolidations, all supported by a leading business intelligence infrastructure.

Under terms of the agreement, Business Objects will pay a total transaction value of approximately $300 million in cash. The acquisition is expected to close within 90 days, subject to regulatory approval, Cartesis shareholder approval, and other customary conditions. Due to purchase accounting adjustments, the transaction is expected to be neutral to slightly accretive to earnings for the first year post closing and accretive thereafter, as revenue synergies and economies of scale are realized.

"This acquisition marks an important step in our strategy of systematically building out the industry's best performance management platform," said John Schwarz, CEO of Business Objects. "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 budgetingùall on the industry's number one business intelligence platform."

Industry reaction to the announcement was swift with Cognos issuing a statement saying that Business Objects' move merely confirmed the strategy that Cognos had laid out for its customers six years ago.

"Cognos sees Business Objects' acquisition of Cartesis as further acknowledgement that the vision Cognos laid out for customers six years agoùthat of integrated performance management comprised of business intelligence, planning, consolidation, and scorecardingùis the vision that customers want," said Mychelle Mollot, vice president of market strategy and strategic communications for Cognos.

"This acquisition brings complete technology overlap," said Mollot. The "Noah's Arc of technology to be integrated includes: three consolidation engines, three planning engines, and multiple reporting and analysis engines."

Business Objects Wins CODiE Award

Meanwhile, Business Objects was unfazed as it also announced that it won a 2007 CODiE Award for BusinessObjects XI Release 2 as the best business intelligence or knowledge management solution in its category. The CODiE Award winners were formally announced at the Software and Information Industry Association's (SIIA) 22nd Annual CODiE Awards Gala in San Francisco on April 17. BusinessObjects XI Release 2 is a complete suite of performance management, information management, reporting, and query and analysis software.

Established in 1986, the CODiE Awards acknowledge the most innovative products and services in the software, digital information, and education technology industries. Nearly 1,200 products were submitted for consideration in more than 75 categories.

Performance Management Results in Improved Performance

Business Objects said its performance management platform enables companies to align resources around common plans, track and measure progress, and adapt quickly to market conditions to drive improved performance across the enterprise. The platform spans two important segments of the enterprise software market, the company said û performance management and business intelligence infrastructure. Business Objects said it appeals strongly to the CFO, as it features one of the most robust "planning, profitability, performance dashboarding, and scorecarding portfolios in the industry." With the acquisition of Cartesis, the platform is further broadened to address U.S. and international standards for financial reporting and consolidation, as well as governance, risk, and compliance management, the company said. It creates the most comprehensive and powerful performance management solution available, the company claimed.

Business Objects continued that "unlike other competitive offerings, the platform also appeals to the CIO, as it features the industry's leading reporting, query, and analytics products along with a compelling data quality, data integration, and metadata management portfolio." This alignment allows both the CFO and CIO to quickly deliver accurate and current reports with information acquired from diverse applications and databases û all based on trusted and cleansed data., the company said.

Cartesis will become a part of the Business Objects Enterprise Performance Management product line organization. Mark Doll, senior vice president and general manager of Global Services and EPM for Business Objects, and Didier Benchimol, CEO of Cartesis, will lead the integration.

"Cartesis' core competency is high-end financial management," said Didier Benchimol, CEO of Cartesis. "Our domain expertise and robust standards-based offering will complement the already strong presence that Business Objects has in performance management. Business Objects' performance management platform strategy is open and completely aligned with our longstanding aspirations. We are excited about becoming a part of the Business Objects team."

About Cartesis

Cartesis is a leading specialist in finance and performance management software with more than 1,300 corporate customers, 600 employees, and 200 consultants worldwide. The company achieved approximately $125 million in revenue over the last twelve months. Founded in 1990, Cartesis provides insight, control, and confidence by unifying information, people, and processes at demanding multinationals like Air France KLM, Cargill, Danone, Diageo, Nissan, Soci?t? G?n?rale and Standard Life. One in four of Fortune's Global 100 companies rely on Cartesis' deep financial expertise and standard-based technology for compliance, financial consolidation, management reporting, planning, budgeting, forecasting, and intercompany reconciliation, the company said.

About Business Objects

Business Objects is a leader among business intelligence (BI) software companies, with more than 42,000 customers worldwide, including over 80 percent of the Fortune 500. Business Objects helps organizations of all sizes create a trusted foundation for decision making, gaining better insight into their business, and optimizing performance. The company's innovative business intelligence suite, BusinessObjects XI, includes the award-winning Crystal line of reporting and data visualization software. Business Objects has built one of the industry's strongest and most diverse partner communities and offers consulting and education services to help customers effectively deploy their business intelligence projects.



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