Acquisition adds web-based reporting solution to help large companies with EPM platforms automate financial performance reporting.
RALEIGH, NC – November 8, 2018 – insightsoftware, the global leader in enterprise resource planning (ERP) and enterprise performance management (EPM) reporting solutions, today announced the acquisition of CXO Software, a leader in web-based performance reporting platforms. CXO Software’s customers include leading multi-national companies in a variety of industries, such as social media, airline, automotive and fast food.
The acquisition strengthens insightsoftware’s mission to streamline financial and operational reporting for customers, regardless of the size of their business, the ERP or EPM they use. Specifically, it allows insightsoftware to extend its capabilities into the large enterprise market, adding support for major EPM products, including SAP Business Planning and Consolidation (BPC), Oracle Hyperion, Tagetik and OneStream.
CXO Software helps transform finance departments from report-generating cost centers to value-added providers of strategic insight to improve executive level decision-making. Its flagship product is a web-enabled solution that automates performance reporting by linking directly to leading EPM systems and financial data sources in order to provide real-time, actionable insight directly to the C-suite without being dependent on IT. CXO Software also offers an extensive library of ready-to-use templates that can quickly and easily be downloaded, which aligns perfectly with insightsoftware’s vision of improving the availability of reporting content.
“The ability to efficiently and accurately translate enterprise data into a story of business performance for quicker cross-functional decision-making is one of the many demands today’s business places on our customers,” said Mike Lipps, CEO of insightsoftware. “CXO Software provides tools to encourage that dialogue across the C-Suite. For this reason, CXO Software is a natural fit with our existing portfolio of market-leading reporting solutions and will give us a more diverse set of financial tools to serve this audience through deeper integration with leading EPM systems.”
“We set out to improve how C-suite executives interact with financial information by transforming the old static, management report pack into a dynamic ‘playbook’ that communicates performance in a way business users understand,” said Wouter Born, CEO of the Americas and CTO of CXO Software. “Joining insightsoftware will enable us to make larger scale investments in our platform. Their global presence and diverse solution set will allow us to help our multi-national customers make even smarter, more collaborative decisions around their financial data.”
CXO Software customers, including well-known brand names such KLM Royal Dutch Airlines, Randstad, Siemens, Experian, McDonald’s and Pitney Bowes, have realized the impact of having quicker access to more accurate and real-time strategic insights in order to develop innovative and forward-looking financial-planning processes within their organizations.
In October 2018, insightsoftware acquired Wands, effectively becoming the leading worldwide provider of Excel-based enterprise reporting solutions for finance departments.
insightsoftware is on a mission to help companies turn their financial and operational data into better business outcomes that drive growth and ROI. Through their innovative, turn-key reporting and performance management solutions, insightsoftware provides users with real-time access to data-driven insights in an efficient, cost-effective, and secure manner. Featuring integration support for over 130 tier 1 and tier 2 ERP systems, as well as full integration into Microsoft Excel, the company has the experience and flexibility to help business leaders unlock the power of their business data so they can understand, manage, and optimize their business with ease. More information about insightsoftware can be found at insightsoftware.com.
About CXO Software
Founded in 2007, CXO Software offers a financial performance reporting platform specifically designed for the CFO office by connecting data from multiple EPM and supporting data sources into one comprehensive reporting platform. CXO Software’s mission is to make finance more business intelligent, and to enable the finance function to become a strategic business partner for the entire organization. With its unique financial and performance reporting software, the company helps finance teams all over the world make the transition from a report-generating cost center to a value-added provider of strategic insight that speeds up C-level decision-making.