SAP to acquire finance software firm Cundus

Sanjay Poonen, executive vice president and general manager of SAP's, business analytics, makes the point that manufacturers are under increasing pressure to comply with IFRS (International Financial Reporting Standards) and file financial and business information using XBRL (extensible business reporting language). For many, he says, manual processes still dominate their financial close cycles, leading to data accuracy issues, compliance risks and a lack of control. Hence the emerging so called 'disclosure management' solutions, which seek to streamline finance processes – and hence also SAP's interest, which follows what Poonen describes as strong demand for such solutions. "Disclosure management is a natural fit within the SAP solution portfolio," says Poonen. "It complements our existing performance management and financial close solutions, and addresses a need that we recognise many customers now have," he continues. "By acquiring this new and highly differentiated solution that has already had success with SAP customers – and by taking it to market alongside our EPM solutions and SAP Business Suite software – we will further assert our leadership in providing robust solutions that help customers address all the demanding needs of the CFO."