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 (NASDAQ: OTEX) has announced its 2024 Hackathon, titled Hacknosis: Sustainable MedTech, which runs from July 15 to August 15. This virtual event aims to encourage innovation in MedTech sustainability, social sustainable design, and carbon accounting using OpenText APIs. According to the OpenText IT Sustainability Report, 97% of organizations have sustainability initiatives, but only 50% use software to track their IT carbon footprint. The hackathon seeks to bridge this gap by requiring participants to develop technologies that enhance OpenText solutions or support sustainability initiatives.
The event will feature three categories: MedTech sustainability, Social sustainability, and Technology, with cash prizes for the top three solutions in each category. John Radko, SVP of Engineering at OpenText, emphasized the value of hackathons in fostering creativity and innovation. Winners will be announced in September 2024 and celebrated in events later in the year. More information and registration details are available on the Hacknosis: Sustainable MedTech page.
OpenText (NASDAQ: OTEX, TSX: OTEX) announced that it will release its fourth quarter fiscal year 2024 financial results on Thursday, August 1, 2024, at approximately 4:00 p.m. ET.
The company's CEO & CTO, Mark J. Barrenechea, and President, CFO & Corporate Development, Madhu Ranganathan, will host a conference call webcast on the same day at 5:00 p.m. ET to discuss the results.
The webcast will be accessible from the Investor Relations section of OpenText's website.
OpenText announced the appointment of Annette Rippert to its board of directors, effective July 9, 2024. Rippert brings nearly 30 years of experience from Accenture, where she last served as Group Chief Executive – Strategy & Consulting. Her background includes leading global strategy, accelerating the use of technology, AI, and data, and managing over 20 acquisitions. Tom Jenkins, Chair of the Board, highlighted her extensive experience and alignment with the company's strategy and growth opportunities. Rippert's accolade includes top ranks in The Consulting Report's Top 25 Women Leaders and the HERoes Top 100 Women Executives list.
OpenText (NASDAQ: OTEX) has received full FedRAMP authorization for its Cloud for Government solution, including Extended ECM and AppWorks. This authorization helps federal agencies modernize applications, strengthen cybersecurity, and deliver a better citizen experience by digitizing records and automating workflows. The solution ensures compliance with evolving security requirements and provides integrated content lifecycle management. Additionally, it supports seamless collaboration and improves operational effectiveness. This FedRAMP authorization enables federal agencies to securely and efficiently migrate more workloads to the cloud while maintaining control and compliance.
OpenText (NASDAQ: OTEX, TSX: OTEX) has been identified as a Leader in two IDC MarketScapes for 2024: Worldwide Unified Endpoint Management (UEM) Software for Small and Medium-Sized Businesses (SMBs) and Worldwide Client Endpoint Management Software for Microsoft Windows Devices. The UEM assessment highlights the strengths of OpenText's ZENworks, including its strong device management capabilities across various platforms and its integration with OpenText's security features. The acquisition of Micro Focus has improved ZENworks' cloud and AI integration, expanding market opportunities. OpenText emphasizes delivering cloud-based UEM solutions to protect SMBs from cyber threats while enhancing productivity. The company's tools also help reduce IT costs by unifying device management and security in one platform.
OpenText has released its 2024 Global Managed Security Survey, gathering insights from over 1,500 Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs). The survey reveals that 92.5% of respondents see AI-led security services as the primary growth driver over the next 12 months. More than 80% already offer these AI-related services, with an additional 62% planning to do so within a year. Security expertise and AI have become the top qualities customers seek from MSPs/MSSPs. Demand for comprehensive security solutions has increased by over 10% in 2024, and 27% of customers now prefer a single vendor for their security needs, marking a 10% increase from 2023.
Additionally, 83% of MSPs/MSSPs have experienced business growth due to AI security tools. However, incorporating AI into security remains a significant challenge for 34% of providers. The primary benefit of AI is to augment, not replace, the skills of security professionals, enhancing the effectiveness of security platforms.
OpenText has introduced a suite of AI-powered solutions at SAP Sapphire 2024 to enhance information management within SAP business processes. The new features aim to integrate, search, and apply archived data while controlling cloud costs and ensuring compliance. OpenText's innovations promise to boost efficiencies across finance, HR, supply chain, and customer experiences. Major enhancements include SAP S4Hana and OpenText Cloud for better governance, OpenText Content Aviator for productivity, and OpenText DevOps Cloud for IT lifecycle management. The company emphasizes its commitment to continuous innovation in partnership with SAP.
OpenText (NASDAQ: OTEX, TSX: OTEX) announced that their IDOL platform has been named a Leader in The Forrester Wave: Document Mining and Analytics Platforms, Q2 2024. Forrester's evaluation, which analyzed 14 providers, praised IDOL for its comprehensive capabilities in document mining and analytics. OpenText's IDOL achieved the highest score in the current offering category, excelling in criteria such as accuracy, complex forms handling, security, and regulatory compliance. This recognition highlights OpenText's commitment to AI-driven solutions and addressing the challenges of managing large volumes of diverse data for enterprises.
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.
OpenText (NASDAQ: OTEX) announced the completion of a $2 billion debt reduction using proceeds from its AMC divestiture. $940 million was paid to terminate the Term Loan B due 2025, and $1.06 billion was used to reduce amounts outstanding under the Acquisition Term Loan due 2030.
OpenText, The Information Company™, offers leading information management solutions. All dollar amounts in U.S. dollars. Visit investors.opentext.com for more details.
FAQ
What is the current stock price of Open Text (OTEX)?
What is the market cap of Open Text (OTEX)?
What does Open Text Corp specialize in?
Where is Open Text Corp headquartered?
What are some recent achievements of Open Text Corp?
How does Open Text Corp leverage AI in its offerings?
What was the revenue growth for Open Text Corp in Q2 2024?
What strategic divestiture did Open Text Corp recently complete?
What is the significance of OpenText's involvement in the JCDC?
What is Fortify Audit Assistant?
What events will OpenText host in 2024?
How does OpenText plan to use the proceeds from the AMC/Mainframe divestiture?
