IBM has announced a definitive agreement to acquire process mining software company myInvenio, a deal which aims to advance IBM's hybrid cloud and AI strategy, as well as provide customers with a comprehensive suite of AI-powered automation capabilities.
Founded in 2013, myInvenio is a software company based in Reggio Emilia, Northern Italy, with a focus on assisting organisations in identifying the most impactful business processes to automate using AI, from sales and procurement, to production and accounting.
The company has been in a strategic business partnership with IBM since November 2020.
Although still subject to customary closing conditions, the newly-announced acquisition is expected to close at the end of the second quarter of this year, with financial details not disclosed at this time.
By acquiring myInvenio, IBM hopes to provide solutions to companies that are struggling to successfully streamline cumbersome business processes which could result in slowing down innovation, increasing costs, and creating bottlenecks.
The acquisition also builds upon last year’s purchase of WDG Automation, a Brazillian software provider specialising in robotic process automation (RPA), which marked a shift of priorities for IBM and foreshadowed its split into two separate entities. Along with WDG Automation, myInvenio’s offerings are to be integrated with IBM Cloud Pak for Business Automation.
Commenting on the newly-announced acquisition, IBM Automation general manager Dinesh Nirmal said that the company is “continuing to invest in building the industry’s most comprehensive suite of AI-powered automation capabilities for business automation”, in order to “help [customers’] employees re-claim their time to focus on more strategic work”.
“Digital transformation is accelerating across industries as companies face increasing challenges with managing critical IT systems and complex business applications that span the hybrid cloud landscape,” added Nirmal.
MyInvenio CEO Massimiliano Delsante stated that the acquisition will let the company revolutionise the management of process operations.
“MyInvenio’s unique capability to automatically analyze processes and create simulations -- what we call a ‘Digital Twin of an Organization’ – is joining with IBM’s AI-powered automation capabilities to better manage process execution. Together we will offer a comprehensive solution for digital process transformation and automation to help enterprises continuously transform insights into action,” he said.
The news comes just days after IBM unveiled the name of its managed infrastructure services business which is to become a fully-fledged public company by the end of this year. Six months after the tech giant declared that it would be splitting in two to focus on cloud growth, it has announced that the new infrastructure services spin-off, previously referred to as simply ‘NewCo’, will be named Kyndryl.
