IBM has announced the acquisition of Canadian financial software firm Clarity Systems for an undisclosed sum.
Clarity produces software that automates the collecting, preparing, certifying and controlling of financial statements for electronic filing, and has around 600 customers, including British Airways.
"Smarter decisions thrive on accurate financial information, and it is therefore imperative that financial governance systems reduce the risk of error and provide confidence in the external reporting process," said Rob Ashe, general manager of business analytics at IBM.
"Clarity extends IBM'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."
The deal was announced on the same day that IBM finalised the takeover of compliance and risk management software vendor OpenPages.
"During the past few years, Clarity developed a market-leading regulatory reporting solution, Clarity FSR, which supports the process of creating full Securities and Exchange Commission filings, and embeds technology for eXtensible Business Reporting Language reporting," said Paul Hammerman, a principal analyst at Forrester, in a blog post.
"The success of Clarity FSR alone during the past two years made the large vendors - IBM, SAP and Oracle - envious of Clarity's success.
"Oracle made a competitive response early this year with the release of Oracle Hyperion Disclosure Management. It seemed that SAP would make the next move by doing a deal to acquire Clarity, but IBM beat them to the punch."
IBM has spent $14bn (£8.9bn) over the past four years on 24 analytics related acquisitions, taking on 7,000 new consultants and opening eight analytics Centers of Excellence around the world.
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