insightsoftware, a global provider of enterprise software solutions for the Office of the CFO, announced it has entered into an agreement to acquire IDL Group, a leading provider of financial performance management software. IDL specializes in consolidating multi-source, financial data consequently eliminating manual closing errors and reducing closing cycle times. The acquisition is expected to close before the end of the year, following regulatory approval. Terms of the deal were not disclosed.
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Headquartered in Germany, IDL offers a financial performance management suite, including software solutions for financial consolidation, planning, reporting, and analytics. Serving a diverse range of industries, IDL has worked with more than 1,100 mid-sized and enterprise customers including Altana, Bayerische Landesbank, and Novomatic. IDL is a recognized market leader by the European Business Application Research Center (BARC) with a #1 ranking in portfolio capabilities. The company was founded in 1990 and is backed by LEA Partners.
Fast and accurate financial consolidation is critical for the Office of the CFO. Monitoring of the entire financial close process, high data quality, integrated intercompany clearing, and continuous financial consolidation with the respective accounting requirements are essential. The acquisition of IDL will expand insightsoftware’s financial consolidation and close expertise in market-specific requirements for Germany, Austria, and Switzerland.
The acquisition will also strengthen insightsoftware’s presence and customer base in Europe and build on its strategy to deliver a broad portfolio of market-leading solutions for the Office of the CFO across the globe. In particular, it will increase insightsoftware’s customer base using SAP and present opportunities to expand relationships with complementary budgeting, reporting, analytics, and other solutions.
“Financial consolidation and financial close is a critical monthly activity for the Office of the CFO, but for most organizations it is an overly manual, error-prone process. IDL’s focus on helping customers proactively close their books with automatic, continuous financial consolidations aligns with our vision,” said Jim Triandiflou, CEO of insightsoftware. “Additionally, IDL has a strong base of enterprise customers using SAP in a key European economic region. insightsoftware will give those customers access to the industry’s most comprehensive portfolio of solutions for the Office of the CFO.”