Analytics software maker Business Objects said Wednesday it has agreed to buy financial planning software maker SRC Software for US$100 million cash.
Portland, Oregon-based SRC Software, which is privately held, sells corporate "performance management" applications that assist companies with sales, payroll, staffing and capital expenditure planning. It also offers scorecarding and reporting tools to monitor key business metrics. It reports a customer base of 1,200 organizations in industries including retail, health care, hospitality, manufacturing, insurance and financial services.
Business Objects, which maintains dual headquarters in Paris and San Jose, California, said it will add SRC Software's technology to its own BusinessObjects XI platform. The company already had a more limited selection of performance management tools. Adding SRC Software's applications will help Business Objects offer its customers financial planning software that goes beyond basic expenditure tracking and compliance to allow more sophisticated forecasting and planning functionality, according to Business Objects.
Pending regulatory approvals, the companies expect the deal to close in the third quarter.