Welcome to our dedicated page for Open Text news (Ticker: OTEX), a resource for investors and traders seeking the latest updates and insights on Open Text stock.
Open Text Corp (NASDAQ/TSX: OTEX), a recognized leader in enterprise information management (EIM), specializes in developing and delivering advanced software solutions designed to manage, leverage, and secure enterprise data. Founded in the mid-1980s at Canada's University of Waterloo, OpenText started with a focus on the Oxford English Dictionary technology project. Today, it offers a comprehensive suite of services that enable global enterprises, SMBs, governments, and consumers to gain valuable insights from unstructured information, such as documents, emails, and presentations.
Headquartered in Ontario, Canada, OpenText has evolved significantly, particularly with its recent release of Cloud Editions 24.1. This update includes the latest innovations in OpenText Aviator™, which enhances AI-driven use cases by providing secure information management and governance across knowledge bases without requiring data migration. These advancements underscore OpenText's strategic approach to integrating AI into business workflows, fostering a paradigm shift in operational efficiencies and decision-making processes.
OpenText's fiscal 2024 second-quarter results highlighted a 71% year-over-year revenue increase, reaching a record $1.535 billion. This growth was driven by heightened demand for cloud services, with enterprise cloud bookings up by 63%. The company's strategic divestiture of its AMC/Mainframe business to Rocket Software for $2.275 billion further emphasizes its focus on higher-growth opportunities in cloud, security, and AI markets.
Recent achievements include the introduction of the second generation of Fortify Audit Assistant, which enhances cybersecurity auditing capabilities using machine learning to reduce false positives and streamline security processes. Additionally, OpenText's involvement in the U.S. Government's Joint Cyber Defense Collaborative (JCDC) reflects its commitment to enhancing cybersecurity resilience through proactive defense measures.
OpenText continues to foster innovation and growth, as exemplified by its upcoming OpenText World Europe 2024 event series, which will showcase next-generation cloud and AI developments. The company remains committed to returning value to shareholders through its dividend program and has reinstated its share repurchase plan, underscoring confidence in its financial stability and growth prospects.
OpenText (NASDAQ: OTEX) has announced a strategic partnership with Secure Code Warrior to integrate its learning platform into the OpenText Fortify application security suite. The integration aims to enhance developers' secure coding skills through real-time training, helping organizations reduce risks and resolve vulnerabilities faster.
According to OpenText's 2024 Global Ransomware Survey, 62% of ransomware attacks were traced back to software supply chain partners. The partnership addresses this by providing targeted developer training, faster remediation processes, and enhanced developer skills. The integration claims to reduce vulnerabilities by up to 50% and enables organizations to benchmark their security programs against industry peers.
OpenText (NASDAQ: OTEX) has appointed Fletcher Previn to its board of directors. Previn currently serves as Senior Vice President & Chief Information Officer of Cisco Systems. He brings over 20 years of IT experience, including 15 years at IBM where he served as Global Chief Information Officer leading a team of 12,000+ IT professionals. The appointment aligns with OpenText's board refreshment strategy, focusing on skill-set diversity and expertise matching the company's growth and margin expansion goals. Previn holds a Bachelor of Arts degree from Connecticut College and has extensive experience in IT modernization, software development, and agile transformation.
OpenText has unveiled Cloud Editions (CE) 24.4 at OpenText World 2024, introducing advanced innovations in Business Cloud, AI, and Technology. The release focuses on secure, AI-integrated solutions to enhance data connectivity and streamline workflows in multi-cloud environments. Key features include improved Experience Cloud capabilities, new Core Cloud Network Observability tools, and AI-powered solutions like Content Aviator and DevOps Aviator. The update aims to help organizations manage data across platforms while maintaining compliance and reducing risk. Notable customer success includes Dobeles Dzirnavnieks, which reduced paper consumption by 80% using OpenText solutions.
OpenText (NASDAQ: OTEX) has expanded its Partner Network access to include its complete portfolio of information management solutions. This expansion follows the Micro Focus acquisition and encompasses Content Services, Experience Management, Security, IT Operations Management, and Developer tools, along with cloud, AI, automation, and analytics capabilities. The initiative aims to provide Global Distributors and Value Added Resellers with broader opportunities to serve customers' digital transformation needs. Major distributors including Arrow, Carahsoft, Climb, Prianto, and TD SYNNEX have expressed support for this expansion, highlighting enhanced value proposition for partners and improved customer service capabilities.
OpenText (NASDAQ: OTEX) has launched a new Partner Enterprise Learning Subscription at OpenText World 2024. This program provides Partners with unlimited access to self-paced training, hands-on lab environments, and certification vouchers. The subscription includes training analytics for tracking skill acquisition and certification visibility across the organization. Product certification is now mandatory for Partner practitioners handling technical functions. OpenText is also relaunching its Partner Directory, which will display Partner certifications, helping customers make informed choices and Partners differentiate themselves in the market.
OpenText has announced its comprehensive program for OpenText World 2024, scheduled for November 18-21 at the Venetian Resort in Las Vegas. The conference will feature interactive workshops and learning pathways focusing on AI, cloud, and security integration in information management.
The event includes specialized sessions on analytics, AI implementation, supply chain enhancement, and cybersecurity. Google Cloud and SAP are confirmed as Innovator-level sponsors. The program offers certification opportunities, hands-on labs, and pre-conference training to help attendees maximize their proficiency with OpenText technologies.
OpenText World 2024, the leading information management conference, will take place at the Venetian Hotel Resort, Las Vegas, from November 18-21, 2024, both in-person and virtually. The conference focuses on AI-driven knowledge workers and how integrated AI, cloud, and security solutions are reshaping business operations.
The event features keynote sessions from OpenText leadership, including CEO Mark J. Barrenechea and Chief Product Officer Muhi Majzoub, alongside special guests like Venus Williams. Industry leaders from Bank of Montreal, Catalent, Bosch, and American Family Insurance will share insights on AI implementation, cloud modernization, and information security.
OpenText has released its annual 'Nastiest Malware of 2024' report, highlighting escalating ransomware threats targeting critical infrastructure. Organizations are expected to increase cybersecurity investments by 14.3% to $215 billion in 2024. LockBit maintains its position as the top malware threat, with 175 reported attacks on critical infrastructure according to FBI data. The report identifies other significant threats including Akira, RansomHub, Dark Angels, Redline, and Play Ransomware, each targeting different sectors with sophisticated attack methods.
OpenText (OTEX) reported Q1 FY2025 financial results with total revenues of $1.27 billion, down 11.0% year-over-year. The company achieved its 15th consecutive quarter of cloud organic growth, with cloud revenues up 1.3% to $457 million. Annual recurring revenues reached $1.05 billion, representing 83% of total revenues. The company delivered a GAAP-based net income margin of 7% and Adjusted EBITDA margin of 35.0%. OpenText returned $154 million to shareholders through dividends and share repurchases, having purchased and canceled 7.72 million shares over the last two quarters.
OpenText (NASDAQ: OTEX) has been recognized as one of the World's Top Companies for Women 2024 by Forbes, ranking in the top 20% of global companies. This marks the second consecutive year of recognition, based on surveys of approximately 100,000 women evaluating gender-related workplace topics.
Through its Zero-In Initiative, OpenText has committed to achieving 50/50 gender parity in key roles and 40% women in leadership across management levels by 2030. The company focuses on recruitment, retention, mentorship, and supporting its Worldwide OpenText Women (WOW) Employee Network Group.
This recognition joins other recent accolades, including being named one of World's Top Employers 2024 by Forbes, ranking third in Canada's Most Responsible Companies 2025, and recognition as one of World's Best Companies 2024 by TIME.
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