Cognos the world leader in business intelligence (BI) and corporate performance management (CPM), announced a cash offer to acquire 100 percent of the outstanding shares of Frango, a Stockholm-based company specializing in consolidation and financial reporting solutions. With this acquisition, Cognos strengthens its product set and extends its worldwide leadership in CPM. Frango's leading consolidation and financial reporting products coupled with the Cognos business intelligence, planning and scorecarding products will deliver a broad corporate performance management solution to the industry.

Frango is one of Europe's leading financial software suppliers and is publicly traded on the Stockholm Exchange. Frango's reported revenues for the 12-month period ended June 30, 2004 were SEK 262 million, or approximately $34.3 million, in accordance with Swedish GAAP. Frango has more than 1,300 customers worldwide and 230 employees located in 16 countries primarily in Europe and Asia.

"Joining forces with Cognos, the clear leader in CPM, makes perfect sense from a company and business point of view and will greatly strengthen our combined market position," said Tom Löfstedt, Managing Director of Frango. "Cognos shares our strong company values, our commitment to product quality and our passion for customer success. As a result, our customers will have access to world-class financial performance management solutions and support."

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