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October 22, 2010

IBM acquires financial software provider Clarity Systems

Adds portfolio of business analytics software for financial professionals

By CBR Staff Writer

IBM has acquired Clarity Systems, a financial governance software provider based in Toronto, Canada. Financial terms were not disclosed.

Clarity Systems offers financial governance software that enables organisations to automate the process of collecting, preparing, certifying and controlling financial statements for electronic filing, in support of mandates by the SEC and other financial regulatory agencies.

IBM said the acquisition of Clarity Systems extends its business analytics initiatives, and the company will now have a portfolio of business analytics software for financial professionals to plan, forecast and analyse performance, identify and manage key business risks, and report to external stakeholders.

With the acquisition, IBM will integrate Clarity Systems within its Business Analytics software portfolio.

Big Blue said Clarity Systems complements its recent acquisition of OpenPages that helps companies identify and manage governance, risk and compliance activities across enterprise through a single management system.

The addition of Clarity Systems and OpenPages gives the office of the CFO a set of offerings for financial performance and strategy management, risk management and compliance, and financial governance.

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IBM general manager of business analytics Rob Ashe said Clarity Systems extends the company’s business analytics capabilities to the office of finance by enabling organisations to help businesses automate complex governance processes, improve data accuracy and provide the foundation for addressing a wide array of regulatory reporting mandates.

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