Business Objects

(BOBJ)

, a vendor of business intelligence software, has agreed to purchase privately held

Armstrong Laing

for $56 million.

Doing business as ALG Software, Armstrong is based in the U.K. and sells software that helps managers plan and evaluate the performance of business units. In its last fiscal year the company posted revenue of $19 million.

The acquisition, announced after Tuesday's closing bell, is subject to regulatory approvals and is expected to be completed in the fourth quarter of 2006.

Shares of Business Objects closed the trading day with a gain of $1, or 3.5%, to $29.30.