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Open Text Corp - OTEX STOCK NEWS

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 Aviatorâ„¢, 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.

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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.

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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.

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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.

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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.

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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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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.

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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.

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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.

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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.

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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.

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FAQ

What is the current stock price of Open Text (OTEX)?

The current stock price of Open Text (OTEX) is $28.83 as of November 15, 2024.

What is the market cap of Open Text (OTEX)?

The market cap of Open Text (OTEX) is approximately 7.6B.

What does Open Text Corp specialize in?

Open Text Corp specializes in enterprise information management software and solutions, helping organizations manage, leverage, secure, and gain insights from their enterprise data.

Where is Open Text Corp headquartered?

Open Text Corp is headquartered in Ontario, Canada.

What are some recent achievements of Open Text Corp?

Recent achievements include the release of Cloud Editions 24.1 with OpenText Aviator innovations, record fiscal growth in Q2 2024, and the divestiture of its AMC/Mainframe business.

How does Open Text Corp leverage AI in its offerings?

Open Text Corp leverages AI through its OpenText Aviator platform, which enables secure information management and governance across knowledge bases, enhancing business workflows and operational efficiencies.

What was the revenue growth for Open Text Corp in Q2 2024?

In Q2 2024, Open Text Corp reported a 71% year-over-year revenue growth, achieving a record $1.535 billion.

What strategic divestiture did Open Text Corp recently complete?

Open Text Corp recently completed the divestiture of its AMC/Mainframe business to Rocket Software for $2.275 billion.

What is the significance of OpenText's involvement in the JCDC?

OpenText's involvement in the Joint Cyber Defense Collaborative (JCDC) demonstrates its commitment to enhancing the cybersecurity resilience of the U.S. government and its allies through proactive defense measures.

What is Fortify Audit Assistant?

Fortify Audit Assistant is an advanced cybersecurity auditing technology developed by OpenText, which uses machine learning to reduce false positives and streamline security processes.

What events will OpenText host in 2024?

OpenText will host OpenText World Europe 2024, a series of in-person customer conferences in London, Munich, and Paris, to showcase cloud and AI developments.

How does OpenText plan to use the proceeds from the AMC/Mainframe divestiture?

OpenText plans to use the proceeds from the AMC/Mainframe divestiture to reduce debt by $2 billion and focus on innovation and growth in the cloud, security, and AI markets.

Open Text Corp

Nasdaq:OTEX

OTEX Rankings

OTEX Stock Data

7.63B
265.88M
2.1%
78.25%
1.7%
Software - Application
Services-computer Integrated Systems Design
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United States of America
ONTARIO CANADA