Cognos Inc. said Wednesday it has agreed to acquire business analytics company Applix for $306 million ($17.87/share), net of Applix's cash on hand, a 24% premium over its Tuesday close of $14.37/share. Cognos expects the deal to close in Q4 2007. Applix's business intelligence software helps large companies manage budgeting, strategic planning, forecasting, and financial reporting. The company also offers training, support and consulting. "This acquisition is a terrific strategic fit for Cognos," Cognos CEO Rob Ashe said. "Applix will broaden our solution offering and provide Cognos with an innovative, 64-bit, in-memory analytics capability." Cognos said Applix will complement its flagship products -- Cognos 8 Planning, Cognos 8 Controller, and Cognos 8 Business Intelligence -- in the area of financial performance management. Applix performance analytics will give Cognos clients new/enhanced capabilities to analyze and optimize financial performance, it said. Applix's 12 months revenue is $61.2 million, and it boasts current revenue growth of 45%. Applix shares are up 22.5% to $17.60, and Cognos shares are down 2.6% to $40 in pre-market trading.
Sources: Press release, MarketWatch
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