Actuate buys performance management vendor

Enterprise reporting vendor Actuate has acquired performance management company Performancesoft for US$16.5 million in cash.

Actuate, which announced the acquisition Friday, plans to combine the performance management and scorecard software from Toronto-based Performancesoft with its own enterprise reporting tools, according to executives from San Francisco-based Actuate. That will allow companies to extend corporate performance management initiatives beyond the executive suite and finance department.

The deal gives Actuate its first packaged scorecard product for performance management. With the combined tools, users now will be able to quickly build dashboards and scorecard applications that allow managers at all levels to drill through executive-level information to real-time operational details, according to a statement from Actuate.

In addition to the initial purchase price of US$16.5 million, the deal also includes an additional contingent cash amount of up to US$13.5 million based upon achievement of certain revenue and operating targets for 2006. That money would be payable in 2007.

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