Based in SAP’s native Germany, cundus AG offers services for EPM implementations throughout Europe. SAP stated in a news release that its interest in the acquisition was piqued by strong demand for its own financial close portfolio solutions. It plans to introduce a new solution stemming from the acquisition for growing U.S. and international financial disclosure requirements in its BusinessObjects portfolio.
In the proposed deal, SAP would take over cundus’ contracts and retain some employees, as well as its intellectual property and solutions such as Financial Statement and informationCollector, according to a news release.
The two companies have long-standing partnerships and cundus products will provide a “new and highly differentiated solution” that fits with the current SAP portfolio, said Sanjay Poonen, SAP executive vice president and general manager of business analytics, line-of-business and industry solutions.
The purchase price and terms of the acquisition were not publicly disclosed. SAP anticipates the deal to close by the end of 2010, and said in a news release that it would provide additional details at that time.
Justin Kern is senior editor at Information Management and can be reached at justin.kern@sourcemedia.com. Follow him on Twitter at @IMJustinKern.
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