Business Objects is buying financial planning software company SRC Software for $100m (£57m) to widen its performance management product.
Business Objects, a leading player in business intelligence systems, will use the acquisition to extend its performance management product in areas such as sales, staffing and payroll – areas that SRC specialises in.
SRC has around 1,200 existing customers and sells its reporting and business metrics tools in industries such as retail, manufacturing, insurance and financial services.
Business Objects plans to add SRC’s technology to its own BusinessObjects XI platform. The company said the acquisition would give its customers new and improved financial planning and forecasting opportunities.