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FileNet Corporation, founded in 1982 by Ted Smith, develops software to help enterprises manage their content and business processes. The FileNet P8 platform, their flagship system, is a framework for developing custom enterprise systems, offering much functionality out of the box and capable of being customized to manage a specific business process. On August 10, 2006, IBM announced plans to acquire FileNet for roughly $1.6 billion[1]. The transaction closed on Thursday, October 12, 2006.