insightsoftware Announces Closing of IDL Group Acquisition
Company strengthens its solutions for the Office of the CFO with leading financial consolidation and close capabilities while adding European customers and expanding its SAP install base
RALEIGH, N.C. – December 8, 2020 – insightsoftware, a global provider of enterprise software solutions for the Office of the CFO, today announced it has closed on its acquisition of IDL Group. A leading provider of financial performance management software, IDL specializes in automating the consolidation of financial data from multiple sources, significantly reducing closing cycle times and eliminating manual closing errors. insightsoftware announced its intent to acquire IDL on November 10. Terms of the deal were not disclosed.
Working with Altana, Bayerische Landesbank, Novomatic and more than 1,100 other mid-sized and enterprise customers, IDL is a recognized market leader with a #1 ranking in portfolio capabilities by the Business Application Research Center (BARC), a European-based market research firm with in-depth expertise in business intelligence software selection and strategy. Founded in 1990 and headquartered in Germany, IDL offers a financial performance suite, including software solutions for financial consolidation, planning, reporting and analytics.
For the Office of the CFO, the monthly consolidation and close process can be overly complex and highly manual. IDL understands the needs of finance teams – high-quality data, integrated intercompany clearing and continuous financial consolidation aligned with the respective accounting standards – and brings deep expertise in the international consolidation and close requirements for customers in Germany, Austria, and Switzerland with global operations.
“With the acquisition of IDL, we continue to expand the depth, breadth and relevance of our solutions for transforming the Office of the CFO, now with a focus on automating the existing manual, error-prone consolidation and close process,” said Jim Triandiflou, CEO of insightsoftware. “In addition, given the number of IDL customers running on SAP, it opens up new opportunities for us to expand customer relationships on a major enterprise ERP system.”
“For decades, we have been focused on helping teams in finance departments automate the manual process of financial reporting from different data sources in such a way that successful corporate management can be achieved due to the speed, traceability and data quality, especially in complex corporate structures,” says Bernward Egenolf, founder and CEO of IDL. “As a member of insightsoftware, we look forward to a new phase of growth in which we will be successful with global clients as part of a broad portfolio of solutions for financial reporting, budgeting and planning.”
About insightsoftware
insightsoftware is a leading provider of financial reporting and enterprise performance management software. We enable best-in-class performance for the Office of the CFO to connect and analyze their enterprise data in real time, driving greater financial intelligence across their organization. Over 25,000 organizations worldwide rely on insightsoftware’s portfolio of best-in-class reporting, analytics, budgeting, forecasting, consolidation, and tax solutions to provide them with increased productivity, visibility, accuracy, and compliance. Visit insightsoftware.com for more information.
About IDL Group
IDL is the leading provider of software applications for Financial Performance Management headquartered in Germany with subsidiaries in Austria, France, and Switzerland. IDL specializes in the development of software solutions for consolidation, planning, analysis and reporting as well as competent consulting on these topics. Reliability, commitment, professionalism and technological innovation are the hallmarks of IDL. Since the beginning of the 1990s, more than 1,100 corporations and internationally active medium-sized companies as well as the public sector use IDL solutions to realize quality, time savings and increased efficiency in finance and controlling. IDL Group website.
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