Open Text Corp - OTEX STOCK NEWS

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.

OpenText has announced a significant upgrade to its Secure Cloud platform, aimed at boosting growth for managed security providers (MSPs). The enhanced platform offers automated provisioning, improved product bundling, integrated task management, and advanced reporting and analytics capabilities. These features are designed to streamline MSP operations, allowing them to focus on customer growth and retention.

The update responds to market demands revealed in OpenText Cybersecurity's 2024 Global Managed Security Survey, which found that 56% of MSPs are chosen for their robust security services. Key enhancements include a modern interface with new MSP workflows, streamlined billing and invoicing, new cross-functional security solution bundles, and integration with leading platforms like ConnectWise, Kaseya, and Autotask. The platform now also offers OpenText MDR, Cork Cyber warranty, Pen testing, and Azure Virtual Desktop capabilities.

The 16th edition of the World Quality Report, titled 'New Futures in Focus', reveals significant developments in Quality Engineering (QE). Key findings include:

1. 68% of organizations are either actively using Generative AI (Gen AI) or have developed roadmaps for implementation.

2. 72% of respondents report faster automation processes due to Gen AI integration.

3. 82% of organizations have dedicated learning pathways for QE teams, but only 50% track their effectiveness.

4. Challenges in automating testing environments persist, with 57% lacking comprehensive strategies and 64% relying on legacy systems.

5. Only 25% of organizations measure the environmental impact of IT development, while 44% track testing activities' impact.

The report emphasizes the need for organizations to better align QE metrics with business outcomes and adopt comprehensive Green IT strategies.

OpenText (NASDAQ: OTEX, TSX: OTEX) has announced a strategic partnership with Cork Inc. to provide comprehensive cybersecurity and cyber warranty solutions for Small and Medium Businesses (SMBs) and Managed Service Providers (MSPs). This collaboration aims to offer a unique blend of award-winning cybersecurity solutions and financial protection, enhancing MSPs' customer offerings.

The partnership addresses the growing demand for outsourced data security and cyber warranty resources, as highlighted in OpenText Cybersecurity's 2024 MSP/MSSP Survey. Key benefits for MSPs include increased revenue streams, improved client retention, reduced support costs, and enhanced business value. For SMBs, the partnership offers comprehensive cybersecurity, reduced financial risk, increased productivity, simplified cybersecurity management, and enhanced trust and reputation.

OpenText released its third annual 2024 Global Ransomware Survey, revealing the current state of ransomware attacks. Key findings include:

- 62% of respondents were impacted by a ransomware attack originating from a software supply chain partner in the past year.
- 48% of respondents experienced a ransomware attack, with 73% of those occurring in the last year.
- 46% of those attacked paid the ransom, with 31% paying between $1 million and $5 million.
- 55% believe their company is more at risk due to increased AI use among threat actors.
- 66% are investing most in cloud security.
- 91% require employees to participate in security awareness or phishing training.

The survey highlights the persistent struggle businesses face in staying ahead of evolving ransomware threats and the rising cost of attacks.

Open Text (NASDAQ: OTEX, TSX: OTEX) has announced that it will release its first quarter fiscal year 2025 financial results on Thursday, October 31, 2024, at approximately 7:00 a.m. ET. Following the release, the company will host a conference call webcast at 9:00 a.m. ET, led by CEO & CTO Mark J. Barrenechea and President, CFO & Corporate Development Madhu Ranganathan.

The 60-minute webcast will be accessible from OpenText's Investor Relations website. Additionally, OpenText will host an Investor Track during its annual user conference, OpenText World 2024, on Tuesday, November 19, 2024 in Las Vegas. This event will be available both in-person and virtually, offering insights into OpenText's latest innovations.