SAP said it will acquire disclosure management offerings from cundus AG comprising cundus Financial Statement Factory and also cundus informationCollector, including intellectual property, customer contracts and certain employees.
As a result of this acquisition, SAP will extend its portfolio of finance offering with a collaborative offering that enables enterprises achieve a timely, accurate and more cost-effective financial close process, the company claims.
The offering will incorporate XBRL functionality to support the electronic communication of financial and business data, as mandated by the US Securities and Exchange Commission (SEC) for most public filings after mid 2011, and numerous other regulators, tax authorities and banks around the world.
The company claims its collaborative framework with German based cundus will also enable users to streamline and automate processes, and drive projects forward in a fraction of the time. SAP will take the new offerings to market as part of its EPM solutions from the SAP BusinessObjects portfolio.
The new products will enable users produce complex financial statements and reports based on data from disparate sources, as well as enabling users to collect, consolidate, report on and analyse both structured and unstructured information at any time throughout the entire financial close process.
SAP business analytics line-of-business and industry solutions executive vice president and general manager Sanjay Poonen said disclosure management is a natural fit within the SAP offering portfolio it complements their existing performance management and financial close offerings.
