IBM is announcing the acquisition of yet another company today: Toronto-based financial governance software company Clarity Systems. Financial terms of the deal were not disclosed.
Clarity Systems’ software allows organizations to automate the process of collecting, preparing, certifying and controlling financial statements for electronic filing with the SEC and other regulatory agencies. The software also helps CFOs automate budgeting, forecasting, planning, consolidation, scorecarding and other financial business analytics. CFOs can combine financial statements, operational details, commentary, notes, charts and pictures into a single document. Customers include British Airways, WSFS Financial Corporation, Young & Co.’s Brewery plc, Five Star Quality Care, Inc., Oglethorpe Power Corporation and Sempra Energy Utilities.
For IBM, Clarity is another way to extend IBM’s business analytics offerings. IBM says this latest acquisition compliments its recent addition of governance and risk management software company OpenPages to its portfolio.
IBM just reported strong third quarter results, posting revenue of $24.3 billion, up 3 percent from the third quarter in 2009. And the company ended the third-quarter 2010 with $11.1 billion of cash on hand, which is a little bit less than the $12 billion leftover in second -quarter earnings. Still, IBM has been plenty of cash for its acquisition spree.
This year alone, Big Blue has bought Initiate Systems, Cast Iron Systems, Sterling Commerce, Coremetrics, BigFix, Datacap, Unica, OpenPages, Netezza and most recently, Blade Network Technology for $400 million.