Brio Technology, maker of business intelligence software, said this week it is buying Sqribe Technologies, which makes enterprise reporting and information portal software, in a transaction valued at about US$270 million.
Former Brio stockholders will hold approximately 55 percent of the stock in the combined company, while Sqribe shareholders will have about 45 percent.
The companies have worked together for the past year, and found they had a complementary set of technologies, said Chris Grejtak, executive vice president of worldwide marketing at Brio.
The acquisition allows Brio to more rapidly create a larger company, doubling its workforce and nearly tripling its client base, Grejtak said. Privately held Sqribe has 225 employees and 7,500 customers, and Brio has about 250 workers and 4,000 customers.
Yorgen Edholm, Brio's president and chief executive officer, will stay at the helm, and Ofir Kedar, Sqribe chairman and CEO, will become chairman of the merged company.
Brio's products are focused on Internet-enabled software that allows companies to analyze reports and data more easily than using paper documents. Sqribe's flagship product, called Enterprise, also enables companies to create and analyze reports using data warehouses, as well as enterprise resource planning and various other software, hardware, and networking technologies.