IBM has agreed to purchase OpenPages, a privately-held software company based in Waltham, MA that helps companies identify and manage risk and compliance activities across the enterprise through a single management system.
Financial terms were not disclosed, and the acquisition is subject to regulatory clearances and other customary closing conditions.
OpenPages has raised funding, although it’s unclear just how much, from a number of venture capital firms including Goldman Sachs, Globespan Capital Partners through its JATF III funds, Matrix Partners, Mesirow Financial, Sigma Partners and North Hill Ventures.
The acquisition of OpenPages expands IBM’s business analytics capabilities to support compliance and risk management processes. Following the close of the acquisition, IBM intends to integrate OpenPages within its Business Analytics software portfolio.
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 picture of all exposures that spans the entire enterprise, helping CFOs and CIOs understand how these risks can impact the organization’s future performance.
More than 200 clients across a variety of industries are said to be using OpenPages software to help them tackle their information-related challenges and manage risk and compliance issues, including companies like Allianz, Barclays, SunTrust and Williams.
The companies have said that 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.