Business Objects, a world-leading provider of business intelligence (BI) solutions, announced that it has entered into a definitive agreement to acquire privately held Armstrong Laing Limited, trading as "ALG Software," a leading provider of profitability management and activity-based costing solutions.
The acquisition will be an all-cash transaction of approximately 30 million GBP (approximately $56 million U.S.D. at current exchange rates) for all outstanding shares of ALG Software by Business Objects (U.K.) Limited, a Business Objects wholly owned U.K. subsidiary, and will be accounted for under the purchase method of accounting. The acquisition is subject to regulatory approvals and other customary closing conditions, and is expected to be completed in the fourth quarter of 2006. Total revenue for ALG Software was approximately $19 million for its fiscal year ended January 31, 2006.
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