Business-intelligence software vendor Cognos Inc. is acquiring Adaytum Inc., a privately held developer of financial-planning and performance-management software, for $160 million in cash. The companies said Thursday that both boards have approved the deal, and the acquisition is expected to be completed within 30 days.

Details about Cognos' plans for Adaytum and its product line won't be released until the deal is closed, says Dave Laverty, Cognos' global marketing senior VP. Adaytum has approximately 300 employees and had sales of approximately $57 million during the last 12 months. Cognos markets the Cognos Finance budget-planning and -forecasting applications, in addition to its broad line of reporting and analysis software tools.

The acquisition is likely to strengthen Cognos' hand in what it calls corporate-performance management--also known as enterprise- and business-performance management--which combines analysis, planning, and business performance- monitoring capabilities. Corporate-performance management helps executives gain visibility into their companies' business processes and develop better management strategies. Competitors in this market include Business Objects, Comshare, and Hyperion Solutions.

"This acquisition is a bold stroke that accelerates our CPM vision by at least 18 months," Cognos CEO Ron Zambonini says.

Cognos also reported Thursday that revenue in its third quarter ended Nov. 30 was $138.1 million, up 11% compared with the same period a year ago. Net income surged 50% to $19.9 million, or 22 cents per share. Business-intelligence license revenue increased 7% to $60.3 in the quarter, while analytic-application sales increased 68% to $10.4 million. The number of contracts greater than $200,000 signed during the quarter increased 17% year over year to 74.