SAP AG (NYSE: SAP) has recently announced its intent to acquire disclosure management solutions from cundus AG headquartered in Duisburg, Germany comprising cundus Financial Statement Factory and cundus information Collector. The company's news release on PR Newswire states that as a result of this acquisition, SAP will extend its market-leading portfolio of finance solutions with a collaborative offering that helps enterprises achieve a timely, accurate and more cost-effective financial close process.
"In current economic conditions, companies and their finance departments are under greater pressure to comply with International Financial Reporting Standards (IFRS) and requirements to file financial and business information using extensible business reporting language (XBRL). For many enterprises, manual processes still dominate their financial close cycles, leading to data accuracy issues, compliance risks and a lack of control. In addition, collaboration is difficult and manual processes must be repeated during each reporting period."