IBM said Wednesday that it reached an agreement to buy out OpenPages, a Waltham, Mass.-based developer of software that helps businesses manage risk and compliance levels.

IBM said it plans to add OpenPages to its portfolio of business analytics products. Financial terms of the deal were not disclosed. OpenPages offerings include software designed to simplify management of financial controls, audits, IT risk and compliance, and policy governance.

IBM officials said the acquisition was motivated by the fact that risk management has become top of mind for CIOs and CFOs.

"Unforeseen risk can hurt a company's bottom line as well as its brand reputation," said Rob Ashe, IBM's general manager for business analytics, in a statement.

"Integrating risk management systems across once-divided units and functions is essential to seeing the big picture. The combination of IBM and OpenPages will provide a holistic and consistent approach to risk management, helping companies combine that insight with performance management to drive better decision making," said Ashe.

For their part, OpenPages execs said the transaction will help their organization broaden its reach.

"Every day we hear firsthand about the risk and compliance management issues that businesses face, and it's clear that a new information architecture is needed to deliver valuable risk intelligence that empowers risk-based decision making," said Michael Duffy, Open Pages president and CEO, in a statement.

"The combination of IBM and OpenPages software, business process insights, and industry expertise will address this need, helping businesses tackle their complex risk challenges," said Duffy.

IBM is betting big on business analytics. It's made several acquisitions in the space in recent quarters, and has invested more than $11 billion in the market over the last four years while opening seven, dedicated analytics centers around the world.

The deal is subject to regulatory approval. Shares of IBM were up .54%, to $129.54, in early trading Wednesday.