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Open Text Corp - OTEX STOCK NEWS

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.

News

OpenText Takes Code Security to the Next Level with Innovative use of Machine Learning

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OpenText (NASDAQ: OTEX) announces the launch of the second generation of its advanced cybersecurity auditing technology, Fortify Audit Assistant, at the inaugural OpenText Security Summit 2024. The new technology aims to address the increasing complexity and threats in multi-cloud environments, offering a proactive approach to security at the beginning of the software development lifecycle. It leverages machine learning to automate security, improve accuracy, and reduce false positives, ultimately increasing developer efficiency. Major updates include accounting for model drift, flexibility to learn from a company's unique environment, expansive model expertise via language specification, and additional data and context for improved efficacy of audits.
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Media Alert: OpenText Shares How Businesses Can Elevate Their Security Posture with AI at the OpenText Security Summit on February 6

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OpenText CEO & CTO, Mark Barrenechea, is set to deliver a keynote, highlighting the company's latest innovations and strategic direction. OpenText is focused on driving growth through digital transformation and cloud services, with a strong emphasis on customer-centric solutions. The keynote will cover OpenText's commitment to innovation, partnerships, and its vision for the future.
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OpenText Reports Second Quarter Fiscal Year 2024 Financial Results

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OpenText Corporation (OTEX) reported record total revenues of $1.535 billion, up 71% year-over-year, with annual recurring revenues of $1.146 billion, up 58% year-over-year. Cloud revenues were $450 million, up 10.1% year-over-year. The company also announced a definitive agreement to divest the Application Modernization and Connectivity business to Rocket Software for $2.275 billion. OpenText's adjusted EBITDA was $566 million, with a margin of 36.9%, and the company achieved operating cash flows of $351 million and free cash flows of $305 million. The company declared a cash dividend of $0.25 per common share and demonstrated strong business execution in Q2.
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OpenText Aviator Reimagines Work with AI

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OpenText (OTEX) announced the release of its Cloud Editions 24.1, featuring OpenText Aviator innovations, showcasing the company's commitment to advancing its opentext.ai vision. The new enhancements and integrations demonstrate the evolution of the strategic approach to applying AI to business workflows. Gartner predicts significant growth in AI adoption, with 30% of major organizations leaning on AI-generated personalized content by next year and specialized generative AI systems automating 20% of routine tasks by 2026.
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OpenText Positioned as a Leader in IDC MarketScape for Multi-Enterprise Supply Chain Commerce Networks

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OpenText™ (OTEX) has been named a Leader in the IDC MarketScape: Worldwide Multi-Enterprise Supply Chain Commerce Network (MSCCN) 2023 Vendor Assessment for the third time. The company's portfolio includes powerful AI and ML capabilities integrated into Trading Grid, providing actionable insights to optimize supply chain processes and improve business performance. According to the IDC MarketScape report, OpenText's cloud-based integration tools with extensive 'Business to Anything' capabilities ensure seamless supply chain management, enabling strategic and sustainable business growth.
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New Survey Reveals Growing Adoption for AI in Legal Teams

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OpenText's survey with the Corporate Counsel Business Journal reveals that 91% of general counsel see technology as a key driver for success, with a focus on AI to transform the legal industry. The survey highlights the need for greater adoption of legal technology innovations to support in-house general counsels' transition from a cost center to a strategic partner. Over half of the respondents agree that AI would free up time for higher value work, and 55% believe it would boost the productivity of in-house legal teams.
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OpenText to Report Second Quarter Fiscal Year 2024 Financial Results on Thursday, February 1, 2024

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Open Text Corporation (OTEX) to Release Q2 Fiscal Year 2024 Financial Results on February 1, 2024
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OpenText appoints Denise Miura as SVP & President of OpenText Japan

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OpenText (NASDAQ: OTEX, TSX: OTEX) appoints Denise Miura as SVP & President of OpenText Japan, aiming to drive growth in the region. Miura brings extensive experience in enterprise data and insights management from her previous roles at MarkLogic and Medallia. OpenText has expanded its information management solutions in Japan, including content management, business network, digital operations management, and application delivery management. Denise Miura emphasizes the importance of information management in the era of AI and looks forward to bringing advanced technology solutions to more customers in Japan.
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OpenText Appoints Goldy Hyder to Board of Directors

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Open Text Corporation (NASDAQ: OTEX) (TSX: OTEX) appoints Goldy Hyder, President and CEO of the Business Council of Canada, to its board of directors. Mr. Hyder's extensive experience in business, public policy, and non-profit organizations brings valuable global and diverse perspectives to the Board.
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Rocket Software to Acquire OpenText’s Application Modernization and Connectivity Business

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Rocket Software, Inc. (NASDAQ: RCKT) has signed a definitive agreement to acquire the Application Modernization and Connectivity business (AMC) of OpenText for $2.275B. This acquisition aims to enhance Rocket Software's hybrid cloud strategy and modernization portfolio, enabling customers to optimize their application portfolio without disrupting their mission-critical operations. The deal is expected to close in Q2 2024, subject to regulatory approvals and customary closing conditions.
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FAQ

What is the current stock price of Open Text (OTEX)?

The current stock price of Open Text (OTEX) is $28.83 as of November 15, 2024.

What is the market cap of Open Text (OTEX)?

The market cap of Open Text (OTEX) is approximately 7.6B.

What does Open Text Corp specialize in?

Open Text Corp specializes in enterprise information management software and solutions, helping organizations manage, leverage, secure, and gain insights from their enterprise data.

Where is Open Text Corp headquartered?

Open Text Corp is headquartered in Ontario, Canada.

What are some recent achievements of Open Text Corp?

Recent achievements include the release of Cloud Editions 24.1 with OpenText Aviator innovations, record fiscal growth in Q2 2024, and the divestiture of its AMC/Mainframe business.

How does Open Text Corp leverage AI in its offerings?

Open Text Corp leverages AI through its OpenText Aviator platform, which enables secure information management and governance across knowledge bases, enhancing business workflows and operational efficiencies.

What was the revenue growth for Open Text Corp in Q2 2024?

In Q2 2024, Open Text Corp reported a 71% year-over-year revenue growth, achieving a record $1.535 billion.

What strategic divestiture did Open Text Corp recently complete?

Open Text Corp recently completed the divestiture of its AMC/Mainframe business to Rocket Software for $2.275 billion.

What is the significance of OpenText's involvement in the JCDC?

OpenText's involvement in the Joint Cyber Defense Collaborative (JCDC) demonstrates its commitment to enhancing the cybersecurity resilience of the U.S. government and its allies through proactive defense measures.

What is Fortify Audit Assistant?

Fortify Audit Assistant is an advanced cybersecurity auditing technology developed by OpenText, which uses machine learning to reduce false positives and streamline security processes.

What events will OpenText host in 2024?

OpenText will host OpenText World Europe 2024, a series of in-person customer conferences in London, Munich, and Paris, to showcase cloud and AI developments.

How does OpenText plan to use the proceeds from the AMC/Mainframe divestiture?

OpenText plans to use the proceeds from the AMC/Mainframe divestiture to reduce debt by $2 billion and focus on innovation and growth in the cloud, security, and AI markets.

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Open Text Corp

Nasdaq:OTEX

OTEX Rankings

#1014 Ranked by Market Cap
#835 Ranked by Dividends

OTEX Stock Data

7.63B
265.88M
2.1%
78.25%
1.7%
Software - Application
Services-computer Integrated Systems Design
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United States of America
ONTARIO CANADA