RALEIGH, N.C, Oct. 28, 2021 /PRNewswire/ -- insightsoftware, a global provider of financial reporting and performance management solutions for the Office of the CFO, today announced it is acquiring Magnitude, a leader in operational reporting and continuous intelligence for data-driven enterprises. The acquisition is expected to close in early November. The deal reinforces insightsoftware's vision to provide a comprehensive suite of software solutions to help organizations run a world-class financial operation.
Magnitude has become a leader in helping companies transform their data into a competitive advantage, offering self-service operational reporting and process analytics with an extensive library of customizable report templates for Oracle and SAP ERP systems. The company's data integration and connectivity solutions help customers better manage distributed data sources across the enterprise. Additionally, Magnitude's SAP-certified Solution Extensions speed implementations of SAP S/4HANA Central Finance while greatly accelerating integration with third-party ERP systems.
"Our largest deal ever, insightsoftware is excited to join forces with Magnitude and offer end-to-end reporting for every department in a company," said Jim Triandiflou, CEO of insightsoftware. "Magnitude will significantly expand our ISV partner channel and add deep SAP and Oracle expertise to our team. Further, adding Magnitude will give us market-leading content and reporting solutions for SAP, Oracle, and Microsoft, who are the three largest ERP publishers in the world."
Headquartered in Austin, TX with offices around the world, Magnitude's 1,300 customers include global leaders in the communications, consumer packaged goods, insurance, healthcare, manufacturing, semiconductor, and software industries. Magnitude also has a large and diverse ecosystem of ISV and channel partners that sell, integrate, and embed its solutions, including hyperscale cloud providers, leading software vendors, and global systems integrators.
The acquisition will extend insightsoftware's global presence with Magnitude centers of excellence in North America, the Netherlands, the United Kingdom, and a major engineering, development, and services operation in India, which insightsoftware plans to expand. These resources will help insightsoftware leverage Magnitude's SAP and Oracle knowledge across additional insightsoftware products.
"As a company with a similar vision and ambition, we are excited to join insightsoftware as one team to quickly bring our continuous intelligence solutions to more companies and share new financial reporting capabilities with our customers," said Jeffery Shoreman, CEO of Magnitude. "With its scale and reach, deep ERP integrations, and strength in data-driven solutions, insightsoftware is the ideal partner to grow our business and deliver more value to our partners and customers."
insightsoftware's acquisition of Magnitude follows additional investments it has made in expanding its operational reporting and embedded analytics business, including the acquisitions of Logi Analytics, Exago and Izenda. Earlier this year, Hg Capital made a significant investment in insightsoftware that valued the company at approximately $4 billion and was designed to fuel a growth strategy through key acquisitions and organic growth.
insightsoftware is a leading provider of financial reporting and enterprise performance management software. We enable the Office of the CFO to connect to and make sense of their data in real time so they can proactively drive greater financial intelligence across their organization. Over 28,000 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.
Data is the fuel that powers the modern enterprise. Our mission is to help companies turn their core business data into continuous intelligence, providing actionable insights to shorten the path from data to decision. We enable our customers to connect data across enterprise applications and business processes including supply chain, finance, and order management. Our relentless focus on innovation, customer experience and solving business problems is why more than 1,300 enterprises around the world trust Magnitude to put the power of their data into the hands of their business users. For more information visit Magnitude.com.