SAP is buying business intelligence specialist Business Objects for £3.42bn.
The takeover has been approved by the Business Objects board. Despite Business Objects continuing to trade as a standalone company after the acquisition, enterprise resource planning firm SAP said the deal would lead to combined solutions that would benefit both sets of customers.
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"We are highly committed to the next generation of applications serving business users," said Henning Kagermann, CEO at SAP. "The combination of SAP and Business Objects in their respective domains will benefit customers, prospects, partners, employees and shareholders."
Bernard Liautaud, chairman and founder of Paris-headquartered Business Objects, said, "The combination of Business Objects and SAP means that we can truly amplify the reach of business intelligence."
The acquisition is expected to be completed within the first quarter of next year. Neither company expects to see any major restructuring as a result of the deal, although they expect some synergy savings.
When the transaction is complete, John Schwarz will continue as the CEO of the Business Objects entity and is expected to become a member of the SAP executive board. Bernard Liautaud is expected to join the SAP Supervisory board.