IBM on Tuesday announced plans to acquire software vendor Systemcorp ALG for an undisclosed amount.

Systemcorp of Montreal, Canada, makes project portfolio management software aimed at helping companies better manage their IT projects. Its Web-based PMOffice suite combines document management and workflow tools with project activity tracking features so team members can collaborate, report on and monitor project costs, progress and performance, for example.

The analytic data available through Systemcorp's software gives companies the visibility needed to make sound business decisions about technology spending and resource allocation, IBM says.

There's clearly room for improvement in IT project execution: According to The Standish Group's most recent CHAOS research on project success and failure in the U.S., just 34 percent of 13,522 IT projects tackled in 2002 were considered a success. Just over half (51 percent) of projects were challenged, and 15 percent were failures.

The research firm estimates projects on average yielded 43 percent cost overruns and 82 percent time overruns. In addition, only 52 percent of required features and functions made it into the released product, The Standish Group says. These problems translated into $55 billion in project waste in 2002, the firm says.

IBM plans to integrate Systemcorp's operations into its Rational software development platform. It expects to complete the acquisition within 30 days.