Responding to growing customer demand for business intelligence (BI) software to help analyse critical business information quickly and effectively, Tibco has agreed to acquire software vendor Spotfire.

The deal is valued at around $195 million (£97.6m) and expected to close in the third quarter.

Tibco, which makes service oriented architecture (SOA) software, business process management and business optimisation, aims to combine its real-time infrastructure with Spotfire's enterprise analytics platform to offer business analysts an easy, quick way to access and analyse their data and processes.

Customers want to be able to analyse "data in motion," Tibco chairman and chief executive, Vivek Ranadive said. “Spotfire is the best tool out there for virtualising business insight. If data is not in real time, it’s history. Static data analysis is necessary, but not sufficient and Spotfire can process data dynamically.”

Ranadive referred to Spotfire's software as a "truly market dislocating technology" that Tibco aims to use to "broaden its footprint with customers," initially in the financial services sector.

Spotfire software offers users a contextual way to analyse their data, according to chief executive, Christopher Ahlberg. "We provide a web 2.0-like service that is visual and interactive," he said.

Following the acquisition, Spotfire will continue to operate independently, Ranadive said.

John Blau, IDG News Service contributed to his story