Business Objects the world`s leading provider of business intelligence (BI) solutions, today announced that it has entered into a definitive agreement to acquire privately-held SRC Software, a leading vendor of financial planning and performance management software. The acquisition will be an all-cash transaction of approximately $100M US and will be accounted for under the purchase method of accounting. The transaction is expected to be accretive to Business Objects earning on both a US GAAP and pro forma basis beginning in the first quarter of 2006. The acquisition is subject to regulatory approvals and other customary closing conditions, and is expected to be completed in the third quarter of 2005. SRC Software is a leading vendor of financial planning and performance management products, offering integrated budgeting, planning, consolidations, and reporting systems. The company has more than 1,200 customers worldwide. SRC Software has been a longterm Business Objects technology partner, offering industry leading solutions for strategic planning, forecasting, capital planning, budgeting, sales and compensation planning, and consolidations. SRC Software`s performance management products are integrated today with BusinessObjects XI, allowing extreme insight for all departments and functional areas on the industry`s most trusted BI platform. Additionally, as a result of this product integration, users can seamlessly integrate with Microsoft Office in order to unlock the power of their business intelligence and planning information to drive new levels of performance.
Business Objects to Acquire SRC Software
"Adding financial planning, budgeting, and consolidations to our portfolio marks a logical step in our evolution," said Bernard Liautaud, chairman and CEO of Business Objects. "Organizations are looking to the CFO for more than financial gatekeeping and compliance, they want a strategic partner that can help them optimize business operations and plan for the future. These same organizations want to partner with a software vendor that can help them win - and ultimately drive change - in their market and their industry. Adding SRC Software`s financial planning, budgeting, and consolidations capabilities to the trusted BusinessObjects XI platform gives our customers unmatched capabilities for optimizing their organizational performance." "Business Objects and SRC Software intend to deliver a winning combination for customers and employees," said Tom Malone, CEO of SRC Software. "SRC Software brings to Business Objects excellent products, a strong team, and a consistent record of high customer satisfaction and loyalty. We look forward to working with Business Objects to help our customers optimize the performance of their organizations."
Investor Conference Call
Business Objects will hold a conference call to discuss the acquisition of SRC Software. The conference call will begin at 2:00 p.m. PT (5:00 p.m. ET, 10:00 p.m. London, 11:00 p.m. Paris). The call-in access numbers are +1.800.399.7988 for the U.S. and Canada; and +1.706.634.5428 for Europe and Asia with ID #8022659. The conference call also will be webcast live, and can be accessed at www.businessobjects.com. A replay of the webcast will be available on the Business Objects website approximately two hours after the end of the live call. A telephonic replay will also be available at +1.800.642.1687 for the U.S. and Canada; and +1.706.645.9291 for Europe and Asia with ID #8022659.
More information can be found at www.businessobjects.com.
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SRC Software (www.srcsoftware.com) is the leader in providing flexibility and sophistication for enterprise financial planning and corporate performance management. With more than 2,400 installations in mid- to high-end enterprises, SRC Software`s highlypersonalized budgeting, payroll planning, and multi-source consolidation and reporting solutions are used by companies such as New Balance, Union Bank of California, C-SPAN, Lands` End, and Caterpillar Logistics Services. SRC Software offers a full complement of financial planning and analysis tools through its unique integration of spreadsheets and industry-leading databases complete with full-scale web deployment. SRC Software is privately held and majority owned by San Francisco-based Vista Equity Partners, a $1.3B private equity fund focused on high technology growth investments. SRC Software is privately held and based in Portland, Oregon with regional offices in New York City and Chicago, and international offices in Brussels, London, Stockholm, and Singapore. For more information, contact SRC Software at +1.503.608.3300 or by email at info@srcsoftware.com.
Business Objects to Acquire SRC Software
Business Objects
Business Objects is the world`s leading business intelligence (BI) software company. With more than 30,000 customers worldwide, including over 80 percent of the Fortune 500, Business Objects helps organizations gain better insight into their business, improve decision making, and optimize enterprise performance. The company`s business intelligence platform, BusinessObjects XI, offers the BI industry`s most complete and trusted platform for reporting, query and analysis; performance management and data integration. BusinessObjects XI includes Crystal Reports(r), the industry standard for enterprise reporting. Business Objects has built the industry`s strongest and most diverse partner community, and also offers consulting and education services to help customers effectively deploy their business intelligence projects. Business Objects has dual headquarters in San Jose, Calif., and Paris, France. The company`s stock is traded on both the Nasdaq (BOBJ) and Euronext Paris (ISIN: FR0004026250 - BOB) stock exchanges.
More information about Business Objects can be found at www.businessobjects.com.
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