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, a leader in information management, reported a 34.4% YoY increase in phishing activity according to its 2021 Webroot BrightCloud® Threat Report. The report highlights significant phishing activity spikes during the early COVID-19 pandemic, with eBay as the most impersonated brand. Phishing attacks surged 510% from January to February 2021. The report emphasizes a multi-layered data security approach for organizations, citing that 54% of phishing sites employed HTTPS. Malware infections on consumer devices doubled compared to business devices.
OpenText (NASDAQ: OTEX) launched its new offerings, OpenText Core Content and OpenText Core Case Management, aimed at enhancing digital business processes. These multi-tenant cloud applications are designed for quick deployment and integration with existing business applications, including SAP S/4HANA® Public Cloud. The solutions address complex information management challenges, crucial for a growing remote workforce. CEO Mark J. Barrenechea emphasized the need for such tools in a digital workplace. The products support modern work requirements and are part of the OpenText Cloud Editions 21.2.
OpenText has launched Cloud Editions (CE) 21.2, enhancing its content services platform at OpenText World Europe. This release emphasizes digital transformation, providing flexible deployment options for organizations. Key features include Core Content and Core Case Management, which streamline content management and improve customer experiences. Innovations across various clouds include enhanced compliance tools, improved user productivity, and new connectivity for business networks. The update also introduces three industry-specific solutions aimed at energy, manufacturing, and retail banking sectors.
OpenText Corporation (NASDAQ: OTEX) will release its third quarter fiscal year 2021 financial results on May 6, 2021, at approximately 4:00 p.m. ET. Following this, a teleconference call led by CEO Mark J. Barrenechea and CFO Madhu Ranganathan will take place at 5:00 p.m. ET for a detailed discussion of the results. Investors are encouraged to join the call 10 minutes prior. A replay will be available from 7:00 p.m. ET on the same day until May 20, 2021.
OpenText (NASDAQ: OTEX) has announced the upcoming dates for OpenText World Europe on April 14-15 and OpenText World Asia Pacific on May 20-21, 2021. These events will utilize an interactive virtual format to connect with customers in Europe and the Asia Pacific. Highlights include insights from key executives, the introduction of the Grow with OpenText program, and updates on Cloud Editions of their content services platform. Registration is now open for both events.
OpenText Migrate has attained the AWS Outposts Ready designation, signifying successful integration with AWS services for seamless cloud migration. This designation assures customers of minimal downtime, as Migrate allows migration with continuous data replication and unlimited testing options. The service is designed for effortless migration of workloads at various scales while maintaining operational continuity. This achievement highlights OpenText's commitment to facilitating cloud transitions for enterprises.
OpenText (NASDAQ: OTEX) has announced the release of Cloud Edition (CE) 21.1, enhancing its portfolio with new API services and cloud functionalities. This update aims to support customers in their digital transformation, offering tailored industry solutions and managed services. Key improvements include integrations with Microsoft Azure Information Protection and Salesforce Financial Services Cloud. The release emphasizes flexibility by enabling deployment across major public clouds and enhancing productivity through AI-driven analytics and improved security measures.
OpenText (NASDAQ: OTEX) announced the appointment of Kristina Lengyel as Executive Vice President, Customer Solutions, effective March 8, 2021. Ms. Lengyel will oversee worldwide cloud onboarding, professional services, and learning services, reporting to CEO Mark J. Barrenechea. With a strong background in SaaS transformation, she previously served as VP of Global Services at Tableau Software. Her leadership aims to enhance customer success and facilitate digital transformation for organizations.
OpenText (NASDAQ: OTEX) announced that Phillips Lytle LLP has selected the OpenText Axcelerate eDiscovery Cloud Platform, enhancing its eDiscovery process. This transition allows Phillips Lytle to reduce infrastructure costs and improve security and accessibility. With advanced analytics and machine learning, the platform significantly speeds up the review process of large datasets, giving the firm a competitive edge. Additionally, the cloud-based solution ensures secure remote access, enabling attorneys to work effectively from home while lowering overall operational costs.
OpenText (NASDAQ: OTEX) has announced that its EnCase Endpoint Security is now certified on Microsoft Azure, enhancing cloud-based threat detection and response capabilities. This certification allows organizations to quickly identify, investigate, and remediate cybersecurity threats, both in the cloud and on-premises. EnCase leverages aligned detection rules to the MITRE ATT&CK Framework for quick threat identification and provides comprehensive tools for incident investigations and remediation actions.
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