This week IBM announced that it has finally closed the Algorithmics deal that,  among other things, gives it financial governance software, OpenText upgrades its records management for email, StoredIQ adds a records management module, and Mitratech looks at legal IT spending.

IBM Closes Algorithmics Acquisition

This week, after announcing the acquisition at the beginning of September, IBM announced the closing of its acquisition of Algorithmics.

The acquisition expands IBM’s business analytics capabilities in the area of financial risk. Algorithmics provides software and services for improved business insights and governance at banks and investment and insurance organizations to assess risk and address regulatory challenges. The purchase price is US$ 380.2 million.

Algorithmics' capabilities, combined with IBM’s acquisition of OpenPages, give clients an array of financial and operational risk technology offerings and services to help with these.

IBM and Algorithmics' advanced analytics technologies and improved business processes will enable companies to measure and assess operational risk associated with lending processes and market and credit risk exposures.

The technologies and business processes help organizations to quantify, manage and optimize their risk exposure across a range of financial risk domains, including market, liquidity and credit, operational and insurance as well as economic and regulatory capital.

IBM's acquisition of Algorithmics is part of a move to broaden advanced analytics capabilities for the financial services industry. The news supports IBM's long-term growth strategy to expand the company’s business analytics and optimization software and services capabilities.

OpenText Upgrades Email Records Management

OpenText has been busy, too, with governance, this time with the release of a new version of OpenText Email Management for Microsoft Exchange.

The new version offers improved support for huge or geographically dispersed environments, enhanced records management capabilities and easier and faster administration.

To support global operations, the OpenText Email Management software now has awareness of multiple archive servers that can be located around the world.

With this awareness, archived mail can now be more easily moved from a source archive to a destination archive, improving the end user's experience. It also accommodates regulations stipulating that email messages considered records must remain in the country of origin by ensuring that those email messages stay in the original location.

Other enhancements include a redesign of the email management assistant, improved metadata capture to better support complex and event-driven retention policies, refined access control to allow archived messages to be based on participants and general administration improvements and features. It also adds support for 64-bit versions of Microsoft Outlook 2010 clients. Part of OpenText’s ECM Suite, it is available now.

StoredIQ Adds Records Management

Information governance vendor StoredIQ has announced RecordsIQ, an application designed to empower records managers and IT to address a range of records retention, disposition and management requirements.

A sophisticated user interface coupled with a step-by-step, straightforward records management-focused workflow enables records managers and IT teams to work in tandem to oversee and manage the lifecycle of electronically stored information.

The difference from other solutions, StoredIQ says, is that RecordsIQ provides in-place analysis and classification of data without requiring knowledge worker involvement.

Key features of RecordsIQ include:

  • Data topology map provides an understanding of data across the enterprise
  • Records management workflow streamlines the management of records policies
  • Identification and classification of records according to business value
  • Automatic execution of electronic records policies
  • Defensible deletion of records with no business value

Using a web interface, users can create classifications of files according to their existing file plan. This rules-based file taxonomy can support systems ranging from the broad classifications often seen in "Big Bucket" records management to the precision of corporations that require thousands of classifications.

Classifications can be built using any combination of keywords, over 250 out-of-the-box attributes, regular expressions and natural language entities. RecordsIQ is available now.

Legal IT Spending Continues

GRC automation vendor Mitratech has released the results of its 2011 Legal IT Spending Survey, which found that legal department IT budgets will increase or remain the same despite the current economic slowdown.

Mitratech's 2011 Legal IT Spending Survey polled legal departments across the United States about their IT spending plans, including questions about the technologies they currently invest in and which technologies they plan on investing in the next 12-18 months.

When asked about departmental spending in the next 12-18 months, 82% of the respondents said they expect spending to increase or remain the same, with 72% focusing their technology spending on matter management solutions.

Another key finding was that 49% of respondents said their companies keep their governance, risk and compliance (GRC) and legal activities separate, with only 21% responding that they are integrated and operate collaboratively.

Return on Investment (ROI) was another topic addressed in the survey. When asked which technology has given them the most ROI, 40% of the respondents said matter management, followed by e-Billing with 30% and contract management with 24%. e-Discovery was far behind with 18%.

Despite the growing popularity of cloud technology in the enterprise, Mitratech's survey found that legal departments are still hesitant to adopt cloud technology for legal operations. Only 29% of companies polled currently employ cloud or SaaS technology in their legal departments and another 29% said they have no plans to adopt the technology. The full report includes graphics to explain the results.