IBM said on Thursday that it had closed the acquisitions of risk-compliance sioftware maker OpenPages and privately-held Canadian maker of financial governance software, Clarity Systems.
The acquisition of OpenPages will enable IBM to expand its business analytics portfolio with new capabilities supporting integrated risk management solutions. OpenPages software helps businesses establish and maintain a comprehensive compliance and risk management programme across a variety of risk domains including operational risk, financial controls management, IT risk, compliance and internal audits.
Since 2006, OpenPages and IBM have hointly provided compliance and integrated risk management solutions to clients. OpenPages incorporates IBM Cognos Business Intelligence for enhanced risk intelligence and analytics and IBM hosting services into its offerings to help clients more easily deploy OpenPages software in a secure manner.
IBM said in astatement, "Today IBM is building on its existing success with OpenPages by introducing new templates for banking and insurance based on joint work with clients around the world. These templates extend the capabilities of IBM's Industry Frameworks for Banking and Insurance by providing OpenPages and IBM Cognos software users with proven approaches to improve risk visibility and control, reduce unexpected loss, and improve operating performance.
"The Operational Risk template provides guidelines to help companies identify, manage and report on operational risk. The Regulatory Compliance template consolidates regulatory requirements to help clients create a single governance, risk, and compliance system than can adapt as rules change. The templates are available immediately to OpenPages and IBM Cognos clients."
It said that over 200 clients across a variety of industries were currently using OpenPages software to help them tackle their information-related challenges and manage risk and compliance issues. These include Allianz, Barclays, Carnival Corporation, Duke Energy, TIAA CREF and Williams.
With the closing of this acquisition, approximately 140 OpenPages employees will join IBM's Business Analytics software unit.