While Cisco warned of slowing tech spending for North America, BMC (NYSE:BMC) has been taking the opposite view. In fact, it isn't even seeing weakness in the financial sector -- perhaps because it recently landed a major contract with Merrill Lynch (NYSE:MER).

For the third quarter, BMC's revenue came to $421 million, up 9% from the previous year. Bookings increased 8% to $341 million, indicating that customers continue to load up on BMC's software. The company generated strong operating cash flows, too, tripling in Q3 to $319 million. To top it all off, the company has about $1.5 billion in the bank.

More importantly, BMC thinks the momentum it's currently enjoying will continue. The company boosted its full-year earnings guidance to $1.78 to $1.86 per share, with revenue growth topping 6%. 

Over the past few years, BMC has invested aggressively in broadening its product line, known as BSM (business service management) software. It helps companies manage a complex information technology (IT) environment by minimizing downtime, tracking assets, and improving security. These are must-have applications for major companies, and so far, BMC is competing effectively against rivals like IBM (NYSE:IBM), CA (NYSE:CA), and Hewlett-Packard (NYSE:HPQ).

To further bolster its position, BMC continues to buy up companies. In Q3, it purchased Emprisa, which helps with large change-updates across networks, and RealOps, which helps automate some labor-intensive IT approaches.

However, the market might disagree with BMC's view on tech spending. The uncertainty regarding the U.S. economy could mute enthusiasm for large software players -- even those that are showing lots of strength. It may take until next year, as things get clearer, for investors to start warming up to companies like BMC.

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Fool contributor Tom Taulli, author of The Complete M&A Handbook, does not own shares mentioned in this article. He is ranked 7,130 out of more than 73,000 investors in CAPS.