Ironically, the Oracle-Hyperion deal might actually benefit Cognos. Hyperion customers are probably concerned that Oracle could rework Hyperion's product line to fit better with its own databases and business applications. That could mean higher costs for Hyperion customers, should they eventually need to migrate to Oracle's offerings, making Cognos's rival products seem more appealing.
The Oracle deal also validates BI's importance and establishes a valuation benchmark. Hyperion sold for 3.4 times sales, compared to the 3.1 times sales at which Cognos currently trades.