Hyperion Solutions, a global leader in business performance management software, announced it has entered into a definitive agreement to acquire for cash substantially all the assets of UpStream Software, a Rochester, Michigan-based private software company.
UpStream, a Hyperion preferred partner since 2002 and a member of the Inc. 500 list of fastest-growing private companies in America, provides a data readiness and guided workflow application that is used to track the movement of financial information from source to report. Finance managers within hundreds of businesses use this solution to ensure data quality - to increase the confidence in their numbers, gain greater visibility into the financial data management processes and lower their cost of compliance. With this acquisition, Hyperion becomes the first business performance management vendor to deliver a packaged solution for financial data quality management.
Faced with broadening compliance requirements and spiraling audit fees, finance and IT managers are grappling with a triple threat - shorter filing deadlines, diverse data sources and inefficient financial data management processes. With a lack of confidence in financial data leading to increased business risk, solving the financial data quality problem is a top enterprise priority.
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