CFObelux CPM Business Unit merges into element61

CFObelux CPM Business Unit merges into element61

element61, the thought-leading Business Intelligence & Performance Management consulting company, today announces that the CFObelux Business Unit focusing on implementing innovative financial reporting solutions such as SAP Business Objects BPC (Business Planning & Consolidation) joins its team.

CFObelux was founded in 2006 and has focused from day one on Financial reporting processes by delivering Financial reporting expertise and by implementing leading Financial Reporting Solutions. Financial reporting expertise is delivered through projects covering Consolidation, IFRS conversion and adoption, Group Reporting, Planning & Budgeting or Working capital management. The Financial Reporting Solutions business unit of CFObelux is the undisputable local market leader in the implementation of SAP BusinessObjects Planning and Consolidation (SAP BPC, former OutlookSoft) for which the team has built the broadest experience and the highest number of references in the market. The team has over 95 manyears of Financial Reporting experience and over 40 man-years of SAP BPC with over 25 referenceable customers. The Business Unit spins off from CFObelux, which remains an independent company, continuing the offering of financial reporting expertise. element61 and CFObelux also continue their existing partnership.

"Being able to join forces with the reference team for SAP BPC is a fantastic opportunity for element61 to complete our offering in SAP Business Intelligence & Performance Management and our functional CPM/EPM and financial reporting expertise” comments Stijn Vermeulen, Managing Director element61. "Offering both Corporate/Enterprise Performance Management (CPM/EPM) and BI solutions in an integrated architecture, has been our company vision from day one”.

"As CPM/EPM further integrates in data warehousing & business intelligence, the SAP Business Objects BI & Business Warehouse skills of the existing element61 SAP Competence Center are a great addition to end-to-end Performance management for our customers” said Frank Lehouck and Bjorn Van Damme, current partners of CFObelux, who both become partner at element61. "Much more than technology implementation, Enterprise Performance Management and Financial Reporting require thorough understanding of the underlying financial processes. We have always proven to be able to differentiate ourselves in this area from competition. The attention for the business process and the end-user and the focus on expertise & quality in implementation of element61, created the "vision match” that made us decide to join element61.”

With this transaction, element61 re-enforces its leading position as the most senior team in Performance Management, Business Intelligence and Financial Reporting. The company now employs 31 people with in average more than 10 years of experience in the domain, totaling 340 man-years of experience and expertise as a team.

About element61

Founded in 2007, element61 is the thought-leading Performance Management and Business Intelligence consulting company in the Belgian marketplace. In 5 years, element61 has become the most experienced team in Performance Management in the local market place. The company had grown to 21 senior consultants, prior to this transaction, with -on average- 11 years of experience in PM & BI and attaining over 3.000.000 € in annual revenue in 2011.

More information on element61 can be found at

About CFObelux

CFObelux was founded in 2006 and has focused from day one on Financial reporting processes by delivering Financial reporting expertise and by implementing innovative Financial Reporting Tools. In 6 years, CFObelux has become an undisputable reference in the market of financial reporting. The Financial Reporting Solutions Business Unit, that is joining element61, is composed out of 9 experts with –on average- 10 years of experience in financial reporting automation.