Cognos, a leader in business intelligence (BI) and corporate performance management, announced it has completed the acquisition of Frango, a leader in consolidation and financial reporting solutions headquartered in Stockholm. The acquisition was a cash transaction of approximately $53.1 million.
Frango is a European-based company with more than 1,300 corporate customers and organizations worldwide. These organizations rely on Frango software to enhance their understanding of corporate performance and improve decision making. The company is headquartered in Stockholm and operates through wholly owned subsidiaries in 16 countries throughout Europe, Asia and North America.
Frango has forged strong relationships with the CFO and finance community, which enhances Cognos' experience in this area and complements its expertise with the CIO and IT constituencies. Many of Frango's customers are Global 3500 enterprises, with large deployments.
With the acquisition, customers will benefit from a comprehensive performance management platform which provides the finance office with benefits such as a cohesive and transparent view of business results, sophisticated financial consolidation for reporting, disclosure and compliance, dynamic and collaborative planning and forecasting providing forward visibility to business plans, and CRM operational sources.
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