IBM to acquire OpenPages
16 September 2010 | 7879 views | 0
IBM is to acquire OpenPages, a privately-held provider of risk and compliance software which lists some of the world's top financial institutions on its client roster. Terms of the transaction were not disclosed.
Waltham, Massachusetts-based OpenPages software tracks operational risk, financial controls management, IT risk, compliance and internal audits to provide an aggregated, enterprise-wide picture of all exposures. The company's financial sector clients include Barclays, Icap, Lloyds TSB and State Street among others.
OpenPages has also previously worked with Big Blue to deliver the core data system for the Operational Riskdata eXchange Association (ORX), a consortium of over 55 major banks in 18 countries, based in Switzerland formed with the objective of sharing quality operational risk data on a secure and anonymised basis.
A recent IBM study of 1900 global CFOs and senior finance leaders revealed that risk management has risen in priority by 93% since 2005. The survey also noted that two out of three companies had encountered material risk events within the past three years.
Following the close of the acquisition, IBM intends to integrate OpenPages within its business analytics software portfolio.
Rob Ashe, general manager, business analytics, IBM, says: "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."
OpenPages client and partner investments in existing IBM and OpenPages technologies will be preserved, he says, allowing customers to take advantage of the broader set of capabilities without the need to replace existing systems.