IBM has announced a definitive agreement to acquire privately held Q1 Labs, a Waltham, Massachusetts-based provider of security intelligence software. The move aims to accelerate IBM’s efforts to help clients more intelligently secure their enterprises by applying analytics to correlate information from key security domains and creating security dashboards for their organizations. Financial terms were not disclosed.
Following the close of the acquisition, Q1 Labs will join the newly-formed IBM Security Systems division, representing the world’s most comprehensive security portfolio. After the close, IBM intends the new division to be led by Brendan Hannigan, CEO of Q1 Labs.
The new division will target a $94 billion opportunity in security software and services, which has a nearly 12 percent compound annual growth rate, according to IBM estimates. Q1 Labs will join the more than 10 strategic security acquisitions IBM has made in the last decade and the more than 25 analytics-related purchases, including the recently announced acquisition of security analytics software firm, i2.
“Financial processes have to continuously evolve to align with changing business requirements and compliance mandates. An in-depth insight into our financial performance and effective management of Risk and Compliance is key to retaining our competitive edge. The planned upgrade to the latest Oracle Financial Suite will provide the flexibility and agility to align our processes to new business requirements. We are very pleased to be working with Wipro in this upgrade project and the progress we are making. In Wipro we have a partner who understands our industry and has proven expertise across the various modules of this suite. We are working jointly to implement a robust and cost effective solution for UGI”, said Richard Myers, Oracle Upgrade Project Manager, UGI Utilities.
Wipro’s proprietary and proven upgrade methodology, process templates and tools ensure predictability of success and seamless alignment of pre and post upgrade audits of the financial systems. Wipro offers ‘Easy-Upgrade’ solution as part of its overall Oracle application offerings helping customer organizations evaluate their current Oracle landscape, plan for the future and implement upgrades. Wipro estimates its 'Easy-Upgrade' solution can deliver up-to 40% reduction in assessment costs for organizations looking to embrace Oracle E-Business Suite - R12 or Oracle Fusion Applications.
