IBM to purchase risk management and compliance specialist

IBM said it has entered into a definitive agreement to acquire the risk management and compliance software provider, which maintains a rather impressive list of customers. Among the financial services clients that currently use OpenPages software: Allianz, Barclays, SunTrust, and TIAA CREF.

According to IBM, the OpenPages software acquired through the deal helps companies identify and manage risk and compliance activities across the enterprise using a single management system. The two companies have collaborated on previous projects, including a core data system used by a consortium of international banks.

"Unforeseen risk can hurt a company's bottom line as well as its brand reputation," said Rob Ashe, general manager, business analytics, IBM. “The combination of IBM and OpenPages will provide a holistic and consistent approach to risk management, helping companies combine insight with performance management to drive better decision making."

Financial terms of the deal were not disclosed, with the agreement awaiting final regulatory approval.

IBM said it plans to integrate OpenPages within its Business Analytics software division after the deal officially closes.

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