Oracle Corporation acquired Hyperion Solutions Corporation in 2007. Many of its products were targeted at the Business Intelligence (B.I.) and Enterprise Performance Management (EPM) markets and, as of 2013, were developed and sold as Oracle Hyperion products.
They are improving Customers’ Financial Performance Through Analysis. Analytic solutions from Hyperion Software enable companies to improve financial performance by maximizing the value of information. Hyperion’s market-leading, Internet-enabled applications support and enhance enterprise-wide financial processes, including planning, budgeting, forecasting, accounting, consolidation, and performance analysis. Hyperion is recognized for outstanding customer service and rapid, successful implementations.
Hyperion Software Corporation is one of the world’s leading financial software providers. It ranks first in budgeting software revenue and third in client/server accounting software revenue. Some 3,000 businesses and organizations, including 50 per cent of the Fortune 500, use its high-tech products to analyze their present finances, plan future earnings, and study past growth to predict future growth.
Beginnings As IMRS
Robert Thomson formed the company that would become Hyperion in 1981. Thomson, a native of Scotland, had worked for Citicorp in London before coming to the U.S. While employed by the multinational bank, he had begun to see the need for improvement on the old methods of providing financial information via computers. Up to that time, such information had been delivered by a method called time-sharing, using a large mainframe server to provide data. Time-sharing was cumbersome and required the extensive involvement of a company’s information services (I.S.) or information technology (I.T.) departments.
Thomson realized that companies would pay to access this type of technology if he could develop software enabling several users to access financial data via their personal computers rather than a mainframe.
The first product produced by IMRS was Micro Control, which it began selling in 1983. Micro Control could be described as second-generation financial software because it uses the emerging computer technology of networks rather than mainframes.
Perakis Makes His Mark
In 1985, Thomson asked James A. Perakis to come on board. At that time, Perakis had worked from 1979 to 1983 as chief financial officer of Interactive Data Corporation, a company that, like IMRS, supplied data and software to the financial world. After serving for two years as senior vice-president and general manager of Chase Decision Systems, an Interactive Data subsidiary, Perakis, in September 1985, joined IMRS as a director and CEO.
Perakis recalled in an interview with Management Accounting a decade later that some venture capitalists of their mutual acquaintance had introduced the two men because Perakis’s skills offered Thomson an opportunity to use professional management to grow the company.
In 1986, Perakis put a direct-sales force into operation marketing Micro Control. Under his direction, they sold the product as the solution to several needs, not just a means of reporting financial transactions.
A Critical Juncture
Perakis, in 1987 took over as president from Thomson, who remained a member of the board of directors. Around this time, the company came to what would turn out to be a crucial turning point, though no one–Perakis included–realized it then.
In the area of hardware, Micro Control was made for PC-based systems linked in local area networks (LANs), and this was the wave of the future in 1987 and 1988. But what about a software platform? DOS, long the standard operating system for IBM-compatible software, had seen its day, and makers of applications such as Micro Control were at a crossroads as to whether they would go with OS/2 technology or Windows-based systems.
Users of Micro Control had evaluated OS/2 as cumbersome and expensive, and they judged Windows more efficient.
Soaring with the Sun God
Perakis, who called the IMRS name “a handicap,” believed that the company could effectively relaunch its products with a newer, sexier brand name in conjunction with the move to Windows technology. Seeking to highlight the hypertext capability of OnTrack, which allowed a user to access information about a particular topic simply by clicking on the title of that topic, Perakis looked in the dictionary for words which began with hyper-.
There he found the name of the titan Hyperion, a quasi-divine figure from Greek mythology who ruled over the sun, moon, and stars. Whereas “IMRS” was a liability because it was not memorable, the name Hyperion stuck in people’s minds. That was why, four years later, the entire company changed its name to Hyperion.
On June 4, 1996, Perakis turned over the role of president to Peter F. DiGiammarino, 42 years old. The latter also took on a newly formed chief operating officer position and became a director on the board, while Perakis maintained his dual role as chairman and CEO.
Poised for Continued Growth
Over the years, Hyperion has built several product and service lines: Hyperion Enterprise, Hyperion Pillar, and Hyperion OLAP. Hyperion Enterprise is an application for consolidating business information and reports, bringing together numerous ledgers into a unified whole. Development began in mid-1988, and the product debuted in July 1991. In the three years leading up to 1997, when Hyperion released its fifth edition of Hyperion Enterprise, the product accounted for 60% of its worldwide revenues.
Software Hyperion Operations Inc.; Hyperion Software Corporation of Canada, Ltd.; Hyperion Software Europe S.r.l. (Italy); Hyperion Software Italia s.r.l.; Hyperion Software Foreign Sales Corp. (Barbados); Software (U.K.) plc.; this Hyperion Software Deutschland GmbH (Germany); Software Hyperion vertribs-Gesellschaft MbH (Austria); Hyperion Software France S.A.; Hyperion Software BeLux S.A. (Belgium); Hyperion Software Nederland, B.V. (The Netherlands); Hyperion Software Asia Pte. Ltd. (Singapore); IMRS Hyperion Software Iberica, S.A. (Spain); Hyperion Software Nordic AB (Sweden); Hyperion K.K. (Japan).