said late Monday that its U.K. subsidiary has bought privately held
, a software maker that helps managers plan and evaluate the performance of business units.
Business Objects' all-cash transaction of roughly $56 million for all outstanding shares of Armstrong, which does business as
, will be accounted for under the purchase method of accounting, the company said.
Business Objects, a maker of business intelligence software, has dual headquarters in San Jose, Calif., and Paris.
"Our customers have told us that the ability to generate improved profitability and control costs is fast becoming one of their top priorities," said Business Objects CEO John Schwarz.
The addition of ALG to the company's portfolio significantly broadens and deepens its enterprise performance management capabilities, "particularly, for the CFO and finance departments," the CEO said.
ALG posted revenue of about $19 million for its fiscal year ended January 31, 2006.
Shares of Business Objects lost 11 cents to $33.26 after hours; it closed the regular session off 72 cents.