SAP To Acquire Cundus' Disclosure Management Solutions

SAP has moved to acquire the disclosure management solutions from Cundus AG to boost its enterprise performance management (EPM) portfolio.

In a press release, the company said that it is looking to acquire the Cundus Financial Statement Factory and Cundus informationCollector.

The deal, the financial details have not yet been disclosed, will also see SAP acquiring related intellectual property and client contracts, as well as hire some selected employees.

According to SAP, the company is seeing strong demand in the financial management software sector and plans to integrate the technology it will acquire from Cundus with its existing BusinessObjects portfolio.

SAP expects the acquisition to close by the end of this year.

The company recently suffered a huge setback in its legal battle against rival Oracle when the court ordered it to pay $1.3 billion in damages after it admitted to using Oracle patented technology.

Sanjay Poonen, SAP executive vice president, said that the existing partnership between the two companies and the recent product acquisition will allow SAP to come out with a "new and highly differentiated solution" that would cater to the on-going demand for financial management solutions.