Insightsoftware is focusing on client relationships and implementing new technology to enhance the reporting demands of finance departments.
Reporting and Enterprise Performance Management platform Insightsoftware is pushing further into the competitive enterprise EPM market after announcing the recent acquisition of CXO Software, a highly regarded web-based reporting platform.
Industry analysts believe it is a clever move by Insightsoftware, enabling the business to streamline both it’s financial and operational reporting services for clients of all sizes.
The acquisition of CXO also means some added valued client partners within the social media, airline, automotive and fast food markets. Big branded client’s include KLM Dutch Airlines, Siemens, Experience and McDonalds.
What is probably the most important factor of the acquisition is that it will allow insightsoftware to manage large customer accounts and support significant EMP products created by SAP Business Planning and Consolidation, Oracle Hyperion, Tagetik and OneStream.
The latest acquisition comes not long after their recent purchase of Excel4apps back in October, which established Insightsoftware as a market leader for Excel-based enterprise reporting solutions for finance teams.
CXO software will also work alongside finance teams, transforming them from report-generating cost departments into insightful and strategic providers. Its most important product is a web-enabled solution that provides automated performance reporting by connecting to an EPM system and financial data hub. The tool provides real-time insights, independent of an IT system.
Mike Lipps, CEO of Insightsoftware explains that having the capability to efficiently transform enterprise data into information on business performance for quicker and more accurate decisions is a frequent requirement from customers in the business market. CXO focuses on the core challenges that exist between finance teams and C-Suite executives. CXO offers an intelligent and flexible way to view finance data and integrate into other daily systems. Lipps highlights that the CXO Software offers tools to support this process within the C-Suite.
Lipps believes the latest acquisition will work well with the reporting solutions of Insightsoftware and provide an extended range of financial tools that can be connected with EPM systems. A large part of the innovative changes relates to how C-Suite interacts with internal finance data through the development of a system that translates performance in a manner that executives can fully understand.
The acquisition will also generate further investment into the current CXO technology and through working with multiple companies, expand its offerings on a global scale. InsightSoftware is quickly establishing itself as a significant global competitor within the EPM and ERP markets, offering a service that can be effectively integrated into major blue chip performance management products.