IBM to acquire OpenPages, expand business analytics portfolio
IBM (NYSE: IBM) has announced that it has made a definitive agreement to acquire OpenPages, a privately-held company based in Waltham, MA. OpenPages provides software that helps companies identify and manage risk and compliance activities more easily across the enterprise through a single management system. Financial terms of this acquisition have not yet been disclosed. Following the close of the acquisition, IBM intends to integrate OpenPages within IBM’s Business Analytics software portfolio.
With this acquisition, OpenPages will expand IBM’s business analytics capabilities to support compliance and risk management processes. OpenPages software allows businesses to develop a compliance and risk management strategy across a variety of domains including operational risk, financial controls management, IT risk, compliance and internal audits. The result is an aggregated, enterprise-wide picture of all exposures, helping CFOs and CIOs understand how these risks can impact the organization’s future performance.
“Unforeseen risk can hurt a company’s bottom line as well as its brand reputation,” explained Rob Ashe, general manager, business analytics, IBM. “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.”
Over 200 clients across a variety of industries use OpenPages software. The list includes some of the largest financial services and energy and utilities businesses — Allianz, Barclays, Carnival Corporation, Duke Energy, SunTrust, TIAA CREF and Williams.
IBM and OpenPages have also partnered 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 anonymized basis for the purposes of risk management.
“Everyday we hear first hand about the risk and compliance management issues that businesses face, and its clear that a new information architecture is needed to delivery valuable risk intelligence that empowers risk-based decision making. The combination of IBM and OpenPages software, business process insights and industry expertise will address this need, helping businesses tackle their complex risk challenges,” said Michael Duffy, president and CEO, OpenPages.
OpenPages client and partner investments in existing IBM and OpenPages technologies will be preserved, allowing customers to take advantage of the broader set of capabilities without the need to replace existing systems. Within four years, IBM has invested more than US $11 billion, dedicated 6,000 consultants and opened seven analytics Centers of Excellence around the world.
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