Open Text Corp - OTEX STOCK NEWS

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.

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.

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.

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.

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.

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.

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.