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 announced new advancements to protect organizations against cyber threats by introducing innovations that prioritize customer value. The company remains committed to preemptive cybersecurity measures, offering unparalleled threat intelligence and proactive defense capabilities. These innovations empower organizations with proactive insights and equip cyber defenders with the intelligence and tools to anticipate and mitigate potential risks before they materialize.
OpenText reported record Q3 total revenues of $1.45 billion, up 16.3% year-over-year, with cloud revenues of $455 million and annual recurring revenues of $1.146 billion. The company also announced a $250 million share repurchase program and completed the sale of its AMC business for $2.275 billion. Adjusted EBITDA increased by 27.0% year-over-year, and free cash flows grew by 13.9%. The reinstatement of a share repurchase plan reflects confidence in operational execution and expanding cash flows.
OpenText has completed the divestiture of its Application Modernization and Connectivity (AMC) business to Rocket Software for $2.275 billion, aiming to reduce debt by $2 billion. The company plans to focus on Information Management, Cloud, Security, and AI markets to drive innovation and growth.
OpenText announced OpenText Debricked Open Source Select, a solution addressing open source intake challenges for developers. The tool automates management of open source discovery and intake based on company policies, saving valuable time for developers. A Forrester Consulting study showed that 66% of organizations struggle to find open source code meeting security policies.
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?
