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 released the results of Webroot's 2024 GenAI Consumer Trends and Privacy Report, revealing significant privacy concerns as generative AI usage becomes more widespread. Key findings include:
- 39% of consumers use generative AI at least weekly
- 90% are concerned or neutral about AI systems collecting their data
- Only 27% use privacy tools to protect workplace information when using generative AI
- 77% of parents are concerned about their children's privacy when using generative AI tools
The report emphasizes the need for straightforward privacy and security solutions as AI becomes more integrated into daily life. OpenText recommends active management of device privacy settings and comprehensive protection software to safeguard sensitive information from unauthorized access and exploitation.
OpenText has released its 2024 Threat Hunter Perspective, revealing a significant trend in the cybersecurity landscape: collaboration between nation-states and cybercrime rings targeting global supply chains. The report highlights that Russia is collaborating with malware-as-a-service gangs like Killnet and Lokibot, while China is working with groups such as Storm0558 and Volt Typhoon.
Key findings include:
- Attackers are focusing on specific events, especially major holidays and the upcoming U.S. presidential election
- Russian cyberattacks typically follow a Monday-Friday schedule
- Chinese attacks often schedule data exfiltration for weekends
- Nations with weaker cyber defense infrastructure are being compromised
- Global supply chains are being targeted to indirectly impact primary targets
The report emphasizes the need for enterprises to be prepared for large-scale attacks, making threat intelligence and defense capabilities crucial.
OpenText (NASDAQ: OTEX, TSX: OTEX) held its annual meeting of shareholders virtually on September 12, 2024. Shareholders representing 82.60% of outstanding common shares were present or represented by proxy. The meeting resulted in the re-election of ten directors to serve until the next annual meeting. Notable voting results include:
- Mark J. Barrenechea received the highest approval at 96.76%
- Robert Hau received near-unanimous support with 99.69% votes in favor
- David Fraser faced the most opposition with 14.54% votes against
Ann M. Powell decided not to stand for re-election. The company filed detailed voting results on SEDAR+ and EDGAR.
OpenText has been named one of the World's Best Companies by TIME Magazine for the second consecutive year. This recognition is based on Employee Satisfaction, Revenue Growth, and Sustainability (ESG). The company has also received several other accolades, including:
- Forbes' World's Best Employers for three consecutive years
- Forbes' World's Top Companies for Women in 2023
- Canada's Best Employers for four years in a row
- Canadian Business Innovation Award in 2024
OpenText's commitment to Diversity, Equity, and Inclusion remains strong. The company recently released its annual Corporate Citizenship Report, highlighting progress on its Zero-In Initiative. Key achievements include affirming commitment to responsible Business AI, prioritizing environmental impact, and reporting over 35,000 employee volunteer hours and $1.45 million in charitable donations in 2024.
OpenText has received FedRAMP authorization for its IT Management Platform (ITMX), enhancing its commitment to providing secure cloud solutions for government agencies. ITMX includes Service Management Automation X (SMAX), Asset Management X (AMX), Universal Discovery and CMDB (UCMDB), and Project and Portfolio Management (PPM).
Key capabilities of ITMX include a single intuitive self-service portal, AI-driven support, codeless configurations, and powerful discovery of IT assets. This authorization allows U.S. federal agencies to confidently use OpenText's solution to deliver modern user services, increase IT productivity, and reduce risks and costs.
OpenText partner Carahsoft will distribute ITMX and other OpenText products to public sector organizations. Additionally, OpenText's Fortify on Demand and OpenText Cloud for Government have also achieved FedRAMP authorization.
OpenText (NASDAQ: OTEX, TSX: OTEX) announces the OpenText DevSecOps Virtual Summit 2024, scheduled for Sept. 24, 2024. This premier virtual event focuses on the intersection of development and security, bringing together global experts to explore the latest trends in DevSecOps and AI. The summit features a keynote panel on AI-Powered DevSecOps, showcasing OpenText's integrated suite of solutions. A fireside chat with industry leaders Alan Shimel and John Willis will delve into the evolving landscape of DevSecOps. The event also includes hands-on sessions with OpenText's ValueEdge, Fortify, and DevOps Aviator tools, demonstrating practical applications of AI in DevSecOps. Attendees will gain insights into building secure applications without sacrificing agility, and learn how AI can enhance security, streamline operations, and drive innovation in their organizations.
OpenText (NASDAQ: OTEX) (TSX: OTEX) has been named a Leader in the IDC MarketScape: Worldwide Intelligent Content Services 2024 Vendor Assessment. The report highlights OpenText Content Cloud's ability to connect content to digital business, eliminate silos, and provide secure remote access to data. Key features include IDP, process automation, information archiving, security, governance, and business integrations.
The IDC MarketScape also notes OpenText's deep integration capabilities with common business applications like SAP, Salesforce, Microsoft O365, and Google Workspace. OpenText's solutions, including Content Aviator with embedded generative AI, are recognized for meeting customer needs in a market where AI-powered capabilities are essential, particularly for large enterprises and highly regulated industries.
OpenText (NASDAQ: OTEX, TSX: OTEX) announces the OpenText Analytics Digital Summit 2024, a virtual event scheduled for Sept. 10-11. The summit focuses on the transformative power of AI and data analytics, featuring customer speakers from healthcare, FinTech, AdTech, and travel industries. Key sessions include:
1. A fireside chat between OpenText CEO and Criteo CTO on managing massive data volumes and GenAI in digital marketing.
2. Philips Healthcare on predictive IoT maintenance for medical equipment.
3. Criteo's R&D team on leveraging OpenText Vertica for business growth.
4. Lastminute.com on data lakehouse best practices for customer insights.
The event also showcases OpenText's latest innovations, including the integration of Data Discovery with Analytics Database (Vertica) and upcoming product releases.
Nippon Gases Deutschland, a subsidiary of Nippon Sanso Holdings , has partnered with OpenText (NASDAQ: OTEX, TSX: OTEX) to implement mandatory B2B e-invoicing in Germany before the January 1, 2025 deadline. The collaboration leverages OpenText Active Invoices with Compliance to navigate complex e-invoicing regulations and industry-specific challenges.
Germany's e-invoicing regulations focus on approved formats for electronic invoices rather than mandating specific exchange and reporting methods. OpenText's fully managed business network cloud and e-invoicing platform will help Nippon Gases Deutschland adapt to these requirements, streamline operations, and ensure compliance across multiple global markets.
The partnership aims to reduce invoicing time, minimize errors, expedite payments, and mitigate non-compliance risks. OpenText's solutions offer e-invoicing compliance across more than 50 countries and B2B integration for small and mid-sized businesses.
OpenText™ (NASDAQ: OTEX, TSX: OTEX) announced that Serica Energy, a leading British upstream oil and gas company, has chosen OpenText Content Cloud™ and Extended ECM for Engineering™ to enhance its operational efficiency. This strategic move aims to streamline engineering information management, work processes, and risk control across project lifecycles and operations.
Serica Energy, one of the UK's top ten oil and gas producers, will leverage OpenText's cloud-based content management solutions to boost productivity, optimize processes, and ensure compliance with health, safety, security, and environmental requirements. The adoption of these solutions will enable Serica to expand its portfolio, maximize asset value, and contribute to the energy transition.
The partnership with OpenText will help Serica overcome limitations in documentation controls and functionality, significantly enhancing operational efficiencies and reducing risk in managing asset operations. This collaboration supports Serica's growth phase and capital projects planned until 2035 and beyond.
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