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Business Objects bags Cartesis

Business intelligence firm Business Objects has bolstered its position in the enterprise performance management (EPM) market with the capture of Cartesis.

Business intelligence firm Business Objects has bolstered its position in the enterprise performance management (EPM) market with the capture of Cartesis.

The vendor said the US$300million deal would allow it to add functionality to its own EPM platform, giving it a broader offering to chief financial officers.

Privately-held Cartesis, which has over 1,300 customers worldwide, provides financial reporting, consolidations, and planning capabilities, as well as a new governance, risk, and compliance portfolio.

"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.

Cartesis will become a part of the Business Objects Enterprise Performance Management product line organisation.

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.

In February, Oracle bought Hyperion for US$3.3billion to bolster its own position in the performance management market, a sector tipped for strong growth. Research firm Forrester has estimated the business performance solutions market will grow by 11% through 2010.

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