Deal will expand insightsoftware's financial consolidation and close capabilities with the recognized market leader in Germany, Austria, and Switzerland
RALEIGH, N.C, Nov. 10, 2020 /PRNewswire/ -- insightsoftware, a global provider of enterprise software solutions for the Office of the CFO, today 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.
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."
"We are excited about becoming a part of insightsoftware. IDL and insightsoftware share a vision of providing best-in-class software to the Office of the CFO for the benefit of our clients, partners, and employees," said Bernward Egenolf, founder and CEO of IDL Group. "With this agreement, our current dynamic growth will get a significant new boost."
About insightsoftware
insightsoftware is a leading provider of financial reporting and enterprise performance management software. We enable best-in-class performance for the Office of the CFO to connect and analyze their enterprise data in real time, driving greater financial intelligence across their organization. Over 25,000 organizations worldwide rely on insightsoftware's portfolio of best-in-class reporting, analytics, budgeting, forecasting, consolidation, and tax solutions to provide them with increased productivity, visibility, accuracy, and compliance. Visit insightsoftware.com for more information.
About IDL
IDL is the leading provider of software applications for Financial Performance Management headquartered in Germany with subsidiaries in Austria, France, and Switzerland. The IDL Group specializes in the development of software solutions for consolidation, planning, analysis and reporting as well as competent consulting on these topics. Reliability, commitment, professionalism and technological innovation are the hallmarks of IDL. Since the beginning of the 1990s more than 1,100 corporations and internationally active medium-sized companies as well as the public sector use IDL solutions to realize quality, time savings and increased efficiency in finance and controlling.
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