SAP announces it plans to acquire Business Objects in a cash deal valued at slightly more than $6.8 billion.

SAP CEO Henning Kagermann said Business Objects gives his company number one leadership in one of fastest growing markets--business intelligence and business performance optimization.

SAP is ending a long-running licensing and reselling alliance with Business Objects that brought bundled functionality from Business Objects' Crystal Reports to SAP's NetWeaver BI product.

Business Objects founder Bernard Liautaud resigned his posts at the firm following the closing of SAP's deal to buy the firm this month.