IBM Boosts Risk Management Offerings With OpenPages Acquisition
IBM plans to integrate the OpenPages application within its portfolio of business analytics software, part of the IBM Software Group, once the acquisition is complete, the company said Wednesday. Business analytics is one of IBM's fastest-growing product lines.
The OpenPages deal is the latest in a string of acquisitions IBM has made this year, including interactive marketing application vendor Unica, Web analytics software developer Coremetrics, and supply chain/business-to-business management application vendor Sterling Commerce. Earlier this year IBM CEO Sam Palmisano said IBM would spend about $20 billion on acquisitions during the next five years.
OpenPages' software helps businesses develop compliance and risk-management strategies across multiple domains including operations, financial controls, IT management, regulatory compliance and internal audits, according to IBM.
Managing risk is a high priority among businesses in the finance, insurance, retail, health-care, energy and utilities industries, IBM said. Risk and compliance management has become an increasingly complex task given the expansion of distributed IT systems, growing data volumes, and constantly changing government and industry regulations.
"Unforeseen risk can hurt a company's bottom line as well as its brand reputation," said Rob Ashe, general manager of business analytics at IBM, in a statement. "Integrating risk management systems across once-divided units and functions is essential to seeing the bigger picture. The combination of IBM and OpenPages will provide a holistic and consistent approach to risk management, helping companies combine that insight with performance management to drive better decision-making."
Waltham, Mass.-based OpenPages has more than 200 customers, including Allianz, Barclays, Carnival Corp., Duke Energy, SunTrust, and the Teachers Insurance and Annuity Association, College Retirement Equities Fund (TIAA CREF), according to IBM.