IBM Completes Acquisition of OpenPages
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Press release date: October 21, 2010
ARMONK, N.Y., Oct. 21 - IBM (NYSE: IBM) today announced that it has completed its acquisition of OpenPages, a leading provider of software that helps companies more easily identify and manage risk and compliance activities across the enterprise through a single management system.
IBM's approach to risk management will help organizations drive better business outcomes, lower the cost of risk management and compliance activities, better allocate resources and reduce risk of loss. When coupled with IBM's services capabilities, systems management, security, information governance and other IT governance capabilities, clients will have an accurate and actionable view of the risks that might otherwise undermine enterprise performance.
In related news today, IBM announced it has acquired Clarity Systems to further expand its business analytics portfolio and help complete the most comprehensive and deep set of solutions for financial analytics and optimization.
With its acquisition of OpenPages, IBM expands 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 program across a variety of risk domains including operational risk, financial controls management, IT risk, compliance and internal audits.
Last week, Gartner, Inc. positioned OpenPages in the leaders quadrant of its Magic Quadrant for Enterprise Governance, Risk and Compliance.* The report states that "many vendors are looking toward the next market phase, which includes adding or integrating with business performance management and scorecarding capabilities." IBM is also positioned in the leaders quadrants of both the Magic Quadrant for Corporate Performance Management Suites** and the Magic Quadrant for Business Intelligence Platforms.***
Since 2006, OpenPages and IBM have successfully partnered to meet clients' compliance and integrated risk management needs. 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.
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.
More than 200 clients across a variety of industries are 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 140OpenPages employees join IBM's Business Analytics software unit.
*"Magic Quadrant for Enterprise Governance, Risk and Compliance Platforms", October 13, 2010, French Caldwell
**"Magic Quadrant for Corporate Performance Management Suites", Neil Chandler, Nigel Rayner, John E. Van Decker, January 25, 2010
***"Magic Quadrant for Business Intelligence Platforms, 2010", Rita L. Sallam, Bill Hostmann, James Richardson, Andreas Bitterer, 29 January 2010
About Gartner's Magic Quadrant
The Magic Quadrant is copyrighted 2010 by Gartner, Inc. and is reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the Magic Quadrant, and does not advise technology users to select only those vendors placed in the "Leaders" quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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