International Business Machines (IBM) yesterday revealed that it has acquired Canada's Clarity Systems, a privately held financial governance software maker, for an undisclosed sum.
Toronto-based Clarity makes software that helps 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.
To significantly reduce the risks of potential error and the lengthy times required to create and file financial documents, Clarity Systems software allows finance professionals to integrate information for more efficient planning, consolidation and financial reporting.
IBM said that 600 global clients across multiple industry segments are using Clarity Systems software including British Airways, WSFS Financial Corporation, Five Star Quality Care, Sempra Energy Utilities among others.
IBM revealed that in a recent study conducted it of 1,900 global CFOs and senior finance leaders revealed enterprises that have adopted standards and increased finance efficiency are performing 25 per cent better by strengthening compliance programs and internal controls.
The study also indicated that enforcing data standards, integrating information and applying business analytics are key capabilities that enable improved business insight and risk management.
The acquisition of Clarity Systems extends IBM's business analytics initiatives and complements its recent acquisition of OpenPages. IBM will integrate Clarity Systems within its Business Analytics software portfolio.
In just four years, Armonk, New York-based IBM said that it has invested more than $14 billion in 24 analytics related acquisitions, dedicated 7,000 consultants and opened eight analytics Centers of Excellence around the world.