Hyperion has completed the acquisition of privately-held UpStream Software, the provider of data readiness and guided workflow solutions used to track the movement of financial information. John Adams, a director at Deloitte the accounting and consulting firm told FSN, "This is good news. Upstream is very helpful when mapping and controlling the integrity of underlying data sources for use in financial reporting applications." Hyperion says it is the first BPM vendor to a deliver a packaged solution specifically for financial data quality management.
Adams added, "The Upstream system understands the structures of data underpinning a financial and reporting application and, amongst other matters, can produce timely warnings if the metadata has changed between successive consolidation runs."
"The lack of confidence in financial data is a problem that can paralyse an enterprise," said Godfrey Sullivan, president and CEO of Hyperion. "Hyperion customers demand data integrity - and rightly so. The addition of UpStream's technology to our proven BPM portfolio is providing customers with a robust financial data quality solution to reduce business risk and meet compliance and performance management needs."
UpStream, named to the Inc 500 list of fastest-growing private companies in America , is a long-time preferred partner of Hyperion. The two companies have a successful record of working together to deliver joint solutions to ensure financial data quality, including data collection and transformation, internal control, repeatable financial processes and audit trails back to source systems.
