It might be a competitor to Ripple, the company, as another company that offers enterprise software for cross border payments. That's separate from the moving of value by a digital asset within a certain ecosystem. IBM seems to leverage their reputation as a trustworthy company to further this part of their business. I could understand that IBM has benefited from the knowledge of Stellar (Jed probably alone) in laying the groundwork, as a glorified consultant. And in return, Jed demanded they say nice things about Stellar.
That's just my two cents. The people at IBM are not idiots, they know how to google 'Jed McCaleb'.