IBM already has a Content Management product called IBM Content Manager On Demand. When Microsoft integrates workflow foundation into Sharepoint and Sharepoint becomes a good platform for human workflow developement, IBM fights back by buying a workflow vendor known as Filenet. Making themself a direct competitor with Sharepoint.

http://www-306.ibm.com/software/data/cm/filenet/

This is how innovation drives competition, in the end we end users benefit the most.