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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.

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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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Open Text Corporation (OTEX) to Release Q2 Fiscal Year 2024 Financial Results on February 1, 2024
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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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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, 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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Open Text Corporation (NASDAQ: OTEX) announced the divestiture of its AMC business to Rocket Software, Inc. for US$2.275 billion in cash. This move reinforces the company's focus on Cloud and AI, resulting in more predictable growth, increased focus on cloud growth opportunities, and accelerated de-leverage plan. OpenText expects to be under 3x Consolidated Net Leverage Ratio within 90 days of closing, returning to capital flexibility, including potential future share buybacks.
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OpenText (NASDAQ: OTEX) Named Leader in 2023 Aspire Leaderboard for Customer Communications Management and Customer Experience Management Software. The company's strong scores in platform strength, software capabilities, market presence, company vision, and technical strategy solidify its market leadership. OpenText's integrated Experience Cloud platform and recent AI framework launch redefine customer communication journeys at scale.
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OpenText™ (NASDAQ: OTEX), (TSX: OTEX) Releases 2023 Cybersecurity Global Ransomware Survey Results, Showing Rise in Cybersecurity Spending and Hiring
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OpenText Corporation (NASDAQ: OTEX) reported record Q1 total revenues of $1.425 billion, up 67.3% YoY. Cloud revenues increased by 11.5% YoY to $451 million. Annual recurring revenues (ARR) reached $1,149 million, up 59.1% YoY. Quarterly enterprise cloud bookings were $121 million, up 8.2% YoY. Operating cash flows were $47 million and free cash flows were $10 million. The company achieved a GAAP-based net income of $81 million and adjusted EBITDA of $495 million, with a margin of 34.7%. GAAP-based diluted earnings per share (EPS) were $0.30, and non-GAAP diluted EPS were $1.01.
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OpenText announces the Nastiest Malware of 2023, revealing the rise of ransomware-as-a-service (RaaS) and the decreasing percentage of people who pay ransom. Cl0p tops the list with its high ransom demands, while Black Cat, Akira, Royal, Black Basta, and Lockbit also make their debut.
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FAQ

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

The current stock price of Open Text (OTEX) is $27.6 as of December 20, 2024.

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

The market cap of Open Text (OTEX) is approximately 7.3B.

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.

Open Text Corp

Nasdaq:OTEX

OTEX Rankings

OTEX Stock Data

7.33B
260.08M
2.1%
77.98%
1.87%
Software - Application
Services-computer Integrated Systems Design
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United States of America
ONTARIO CANADA