In an effort to upgrade its business automation suite for enterprises, IBM has announced a definitive agreement to acquire Reggio Emilia, Italy, based process mining software startup myInvenio.
The Armonk, New York headquartered technology giant said that the acquisition of the firm will provide its clients with a data-driven platform that will help them identify the best business processes -- from sales and procurement to production and accounting -- to automate using artificial intelligence (AI).
While the financial details of the transaction remain undisclosed, IBM has confirmed that once the deal closes, myInvenio’s platform will be integrated with its service units and automation portfolio, including IBM Cloud Pak for Business Automation, which runs on Red Hat OpenShift.
It expects the acquisition to complete by the end of second quarter.
MyInvenio's solution works by analyzing processes using historical/current and determining inefficiencies, tasks, or bottlenecks that could benefit from automation. It runs simulations that reveal where to apply RPA bots, automated decisions, AI models, and other automations to have the most impact on a business.
This ultimately streamlines business processes and overcomes bottlenecks that affect customer service, slow down innovation, or increase operating costs, among other things.
"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,” Massimiliano Delsante, CEO of the startup, said in a statement.
The acquisition comes as the latest effort from IBM to enhance its hybrid cloud and AI-powered automation suite for enterprises. In July 2020, the company had acquired WDG Automation, a Brazil-based software provider specializing in robotic process automation capabilities.
"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," Dinesh Nirmal, General Manager at IBM Automation, said.
"With IBM's planned acquisition of myInvenio, we are continuing to invest in building the industry's most comprehensive suite of AI-powered automation capabilities for business automation so that our customers can help employees re-claim their time to focus on more strategic work,” he added.