SAP has announced plans to beef up its financial technology portfolio by acquiring some of Cundus' disclosure management solutions.
The move, for an as yet undisclosed sum, will also see some business contracts, customers and employees transfer across to SAP, the company confirmed.
The acquisitions will enable SAP to offer its customers technology to aid them in moving away from manual financial close cycles and comply with certain financial regulations more efficiently. The solution created as a result will be marketed as part of SAP's BusinessObjects enterprise performance management (EPM) line-up.
"Disclosure management is a natural fit within the SAP solution portfolio it complements our existing performance management and financial close solutions, and addresses a need that we recognise many customers now have," said Sanjay Poonen, executive vice president and general manager of SAP's business analytics arm.
"By acquiring this new and highly differentiated solution that has already had success with SAP customers and by taking it to market alongside our EPM solutions and SAP Business Suite software that already lead the industry we will further assert our proven leadership in providing robust solutions that help customers address all the demanding needs of the CFO."
The deal is expected to be done and dusted by the end of the year, after which SAP plans to provide additional insight on its future plans.
