Business Objects is to buy software company Cartesis for €225 million (£152m).

Cartesis' products are used by financial managers to forecast company spending, manage budgets and consolidate figures from several divisions in a big organisation. They will help Business Objects, best known for its data analytics software, to expand in the market for business performance management (BPM) software.

The announcement comes a few days after Oracle closed its acquisition of Hyperion Solutions, a rival to Cartesis and Business Objects, for $3.3 billion. Other BPM vendors include Applix and Extensity.

Privately held Cartesis has about 600 employees and 1,300 customers, including Citizens Bank, Nissan and Siemens. It is based in Paris and took in about €100 million in revenue over the last year, Business Objects said.

Didier Benchimol, Cartesis' CEO, will join Business Objects to help integrate the two companies. Cartesis will become part of Business Objects' Enterprise Performance Management group.