Cognos Buys Adaytum for $160 Million
Congos says move will bolster its corporate performance management offerings.Business intelligence software developer Cognos Inc. made a move Thursday to strengthen its corporate performance management offerings by acquiring enterprise performance planning software developer Adaytum Inc. in a cash transaction valued at $160 million. Separately, Ottawa-based Cognos reported that fiscal third-quarter revenues and profits were up over the same period last year. Revenues jumped from $124.2 million to $138.1 million while net income increased from $13.3 million to $19.1 million. In acquiring Adaytum, Cognos gets a company with $57 million in annual revenues and 1,500 customers, many of which are also Cognos customers, according to Cognos CFO Tom Manley.
"This acquisition truly has accelerated our vision for delivering the best solution possible for enterprise corporate performance management," Manley said.