Cartesis Group, a business performance management software provider, has signed an agreement to acquire INEA Corp., a Toronto-based supplier of enterprise software.
Terms were not disclosed. The transaction is expected to close by the end of June.
The deal accelerates Cartesis' strategy to add enterprise planning and forecasting capabilities to its Extended Suite of business performance management applications.
Cartesis' new solution -- Cartesis ES Planning -- is the second in a series of components that combines to form the new Cartesis Extended Suite for BPM. The Cartesis ES Planning application will provide a single platform for planning, forecasting and scenario analysis and will be integrated with the Cartesis ES Magnitude module.
"The acquisition of INEA broadens Cartesis' portfolio," said Didier Benchimol, Cartesis' chief executive officer, in a statement. "Planning and forecasting is central to BPM processes, and the ability to accelerate the time to market with a comprehensive and global-scale enterprise application represents a key deliverable in our business strategy."
Cartesis' objective over the next two years is to deliver a common infrastructure that encompasses three pillars for BPM: financial consolidation, planning and forecasting, and information delivery resulting in unified data, metadata and processes, improved productivity and reduced total cost of ownership.
INEA's office will remain in Toronto and will become the new center of excellence for planning and forecasting for the Cartesis group worldwide. Mark Ruddock will be named senior vice president and chief product officer, reporting to CEO Benchimol.
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