Cognos Inc. wants to strengthen its presence in Europe, as evidenced by the business-intelligence software maker's offer of $52.2 million to buy Frango AB, a Stockholm developer of financial-consolidation and -reporting software. Last week, Frango's directors recommended that shareholders accept Cognos' cash offer. The deal should be sealed on or around Oct. 1.
Cognos will combine Frango's applications with its own business-intelligence, financial-planning, and scorecarding applications to build its position in the market for corporate performance-management software. Cognos has made a number of acquisitions in recent years as it expands beyond its core business-intelligence products into corporate performance management.