OpenText Buys Cybersecurity MDR Platform
Rhea-AI Summary
OpenText (NASDAQ: OTEX, TSX: OTEX) has acquired Pillr, a cloud-native Managed Detection and Response (MDR) platform from Novacoast. Pillr's technology, designed for Managed Service Providers (MSPs), features advanced threat hunting and response capabilities. This acquisition aims to strengthen OpenText's cybersecurity offerings, addressing skill gaps and alert fatigue among its customers. The integration of Pillr into OpenText's portfolio will enhance API integrations and product bundling, offering comprehensive cybersecurity solutions. CEO Mark J. Barrenechea emphasized that this acquisition will help prevent sophisticated cyber threats and supports their commitment to SMB partners. Notably, this acquisition is not expected to materially impact OpenText's financial results.
Positive
- Acquisition enhances OpenText's cybersecurity capabilities.
- Strengthens product offerings for Managed Service Providers (MSPs).
- Addresses market needs for advanced threat detection and response.
- Supports company's commitment to SMB partners.
- Integration includes API and product/pricing bundling.
Negative
- Acquisition not expected to materially impact financial results.
- Potential integration challenges with existing systems.
- Costs associated with acquisition and integration may affect short-term financials.
News Market Reaction 1 Alert
On the day this news was published, OTEX gained 0.03%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Pillr Provides a Managed Detection and Response (MDR) Platform for MSPs integrated with OpenText's Cybersecurity
Pillr technology is a cloud native, multi-tenant MDR platform for Managed Service Providers (MSPs) that includes Managed Detection and Response and powerful threat-hunting capabilities. This combination of Pillr technology and OpenText security expertise provides enhanced threat hunting, monitoring, and response for customers where skill gaps, skill shortages, and alert fatigue create a significant need today.
The acquisition accelerates OpenText's Cybersecurity product roadmap to offer key features including API integrations and product/pricing bundling for MSPs seeking a comprehensive solution to protect, detect and respond to cybersecurity threats.
"We are pleased to welcome Pillr customers and employees to OpenText", said Mark J. Barrenechea OpenText CEO & CTO. "Cyber threats continue to rise fast and are growing more sophisticated. Organizations need advanced Managed Detection and Response solutions to prevent attackers from gaining the foothold needed to launch an attack. The combination of Pillr's platform with our existing Threat Detection offerings strengthens OpenText's position in the cybersecurity market and reinforces our commitment to our SMB partners and customers."
The Pillr technology acquisition is not material to OpenText's financial results.
About OpenText
OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, powered by OpenText Cloud Editions. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Further, readers should note that we may announce information using our website, press releases, securities law filings, public conference calls, webcasts and the social media channels identified on the Investors section of our website (https://investors.opentext.com). Such social media channels may include the Company's or our CEO's blog, X, formerly known as Twitter, account or LinkedIn account. The information posted through such channels may be material. Accordingly, readers should monitor such channels in addition to our other forms of communication.
OTEX-MNA
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SOURCE Open Text Corporation
FAQ
What is the significance of OpenText's acquisition of Pillr?
How will the Pillr acquisition benefit OpenText's customers?
Will the acquisition of Pillr affect OpenText's financial results?
What features will be integrated into OpenText's cybersecurity products after the acquisition?
How does OpenText's acquisition of Pillr address rising cyber threats?
