Business Objects, a provider of business intelligence (BI) solutions, has entered into a definitive agreement to acquire Cartesis, a provider of finance and performance management software.

The acquisition of Cartesis will enable Business Objects to broaden its performance management platform to address financial reporting and consolidation, as well as governance, risk, and compliance.

According to John Schwarz, CEO Business Objects, "The acquisition of Cartesis will allow us to extend our comprehensive solutions for the office of the CFO by providing critical, cross-application and cross-database line of sight to financial and management reporting, including consolidated statements and budgeting - all on the industry's number one business intelligence platform."

Cartesis will become a part of the Business Objects Enterprise Performance Management product line organisation. "Our domain expertise and robust standards-based offering will complement the already strong presence that Business Objects has in performance management. Business Objects' performance management platform strategy is open and completely aligned with our longstanding aspirations. We are excited about becoming a part of the Business Objects team," said Didier Benchimol, CEO, Cartesis.

Business Objects will pay a total transaction value of €225M (approximately $300M) in cash. The acquisition is expected to close within 90 days, subject to regulatory approval, Cartesis shareholder approval, and other customary closing conditions.