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 has been recognized as a Leader in the IDC MarketScape: Worldwide Multi-Enterprise Supply Chain Commerce Network (MESCCN) 2021 Vendor Assessment for the second consecutive time. The report highlights OpenText's extensive capabilities in managing global supply chains, backed by its community of over 1 million connected companies processing 26 billion transactions annually. The strategic partnership with SAP and a robust integration platform solidify OpenText's position, emphasizing the importance of cloud-based solutions for modern supply chain challenges.
OpenText (NASDAQ: OTEX) announced the launch of two new Managed Detection and Response (MDR) offerings targeting small and medium-sized businesses (SMBs) and managed service providers (MSPs). The Webroot MDR powered by Blackpoint Cyber and OpenText MDR Service provide comprehensive security solutions tailored to meet varying compliance and IT needs. These services leverage advanced threat intelligence from the BrightCloud platform, ensuring continuous monitoring and rapid threat response. The new offerings are available in North America, with expansion planned for other regions.
OpenText (NASDAQ: OTEX) announced its participation in Google Cloud Next '21, highlighting new cloud technologies designed for enhanced customer personalization at scale. The latest offerings from the OpenText Experience Cloud enable omni-channel personalization by integrating customer data across various platforms, leveraging tools like the OpenText Experience CDP and Google Marketing Platform. The collaboration aims to meet evolving customer expectations with seamless data integration and enhanced user experiences. Details include cloud deployments and joint innovation initiatives.
Open Text Corporation (NASDAQ: OTEX) will release its financial results for the first quarter of fiscal year 2022 on November 4, 2021 at 4:00 p.m. ET. A teleconference featuring CEO Mark Barrenechea and CFO Madhu Ranganathan will follow at 5:00 p.m. ET. Investors can join the call using either toll-free or international numbers provided. A replay will be accessible from 7:00 p.m. ET on the same day until November 18, 2021. For additional details, visit OpenText's investor page.
OpenText (NASDAQ: OTEX) has partnered with WeFi Technology Group to enhance transaction processing through the Email2EDI solution. This innovation allows WeFi's 'IZZI' platform to automate document exchanges, facilitating the swift conversion of email documents into structured EDI data. This collaboration aims to improve efficiency, reduce errors, and strengthen data security, reinforcing WeFi's supply chain finance solutions. The Email2EDI system can process tens of thousands of transactions per second, aligning with WeFi's growth objectives.
OpenText (NASDAQ: OTEX, TSX: OTEX) has partnered with Lakehead University to create up to 25 full-time summer internships for Indigenous students. The internships will be remote and span four months, focusing on areas such as software engineering, marketing, and finance. This initiative aims to provide students with valuable skills and experiences, fostering their career readiness. The recruitment for the program starts this fall, with placements expected in summer 2022. The partnership emphasizes the importance of removing barriers faced by Indigenous students in the job market.
Open Text Corporation (NASDAQ: OTEX) reported the successful conclusion of its Annual General Meeting held on September 15, 2021, where all proposals submitted were approved by shareholders. A total of 221,756,497 shares, representing 81.60% of outstanding common shares, participated in the meeting. The proposed twelve directors were elected with significant support, including David Fraser garnering 99.75% in favor. The voting results were detailed in reports filed on SEDAR and EDGAR.
OpenText (NASDAQ: OTEX, TSX: OTEX) announced the launch of ConneXions, a virtual conference set for September 14, 2021. This event aims to foster discussions on building digital resilience to minimize supply chain disruptions experienced due to various global challenges, including natural disasters and COVID-19. Industry leaders from companies like Nestlé, Godiva, and Lear Corporation will share insights on leveraging cloud solutions and enhancing operational flexibility. For registration details, visit OpenText's website.
OpenText (NASDAQ: OTEX) announced the integration of N-central into its Webroot Business Endpoint Protection platform, enhancing security for Managed Service Providers (MSPs) and small to medium-sized businesses (SMBs). This partnership aims to deliver a simplified security ecosystem, enabling organizations to manage multiple endpoints efficiently. Key benefits include easy deployment, real-time access to agent status, and customizable scans.
Quinn Curtis emphasized the need for manageable cybersecurity solutions, while Panagiotis Koskeridis highlighted improved visibility and support for clients. The integration responds to the evolving security needs of MSPs.
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