Strengthens Oracle Enterprise Performance Management to Accelerate Financial Reporting for a Faster Close
Redwood Shores, Calif, September 29, 2009
Oracle has agreed to acquire certain assets of HyperRoll, a leading provider of financial reporting acceleration solutions.
HyperRoll’s products help improve reporting performance, shrink the close cycle and improve visibility of financial data to line management.
The combined solution is expected to further strengthen Oracle Enterprise Performance Management solutions with additional reporting acceleration technology and continues to emphasize Oracle’s product strategy to provide best-in-class solutions that help ensure a rapid, reliable and compliant financial close process for customers.
The addition of HyperRoll’s assets is expected to improve the ability of customers to rapidly report results with higher confidence and lower compliance costs.
Customers across multiple industries including; retail, consumer goods and financial services, currently use HyperRoll’s products.
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close later this year.
Financial details of the transaction were not disclosed.
“Enterprise performance management is a critical requirement for organizations,” said Robert Gersten, senior vice president Oracle Product Development. “Oracle Enterprise Performance Management already enables rapid, accurate, and secure financial consolidation and reporting. With the addition of HyperRoll’s reporting acceleration technology, customers are expected to be able to execute a faster and more compliant financial close.”