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element61 buys division of CFObelux
element61, the Business Intelligence consulting firm of former Cognos CEO Stijn Vermeulen, acquired the business unit Financial Reporting Solutions of CFObelux.
The Ghent CFObelux was founded in 2006 and specializes in financial reporting services. With the business unit Financial Reporting Solutions, the company mainly implemented the planning solution of SAP BusinessObjects Planning and Consolidation (SAP BPC, which originated from Outlook Soft). It is that division, nine people strong, which is now swallowed by element61. The business unit has many great references as bpost, Omega Pharma, KU Leuven, Belgacom and ArcelorMittal.
For element61, the acquisition represents another enhancement in its SAP BI and performance management expertise. In the same context, the company already acquired VRS Consulting Heverlee in 2009. element61, which was founded five years ago, now employs 31 people. The company had a turnover of more than EUR 3 million in 2011.