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) announced the launch of Cloud Editions (CE) 23.2 at the OpenText World EMEA event on April 24, 2023. This release encompasses over 75,000 innovations aimed at enhancing customers' digital transformation experiences. The launch is part of the broader Project Titanium roadmap, which focuses on providing improved productivity and security solutions in a multi-cloud environment. Mark J. Barrenechea, CEO & CTO, highlighted the company's commitment to addressing complex issues across various industries, including climate innovation and supply chain advancements. OpenText is now offering a full suite of public cloud multi-tenant SaaS solutions and has expanded its geographical reach and compliance standards. The new features include integrations that facilitate smarter decision-making and enhance productivity workflows.
OpenText is set to host OpenText World EMEA 2023 from April 24 to 27, 2023, aiming to transform information management. This will be the first public showcase after the Micro Focus acquisition, highlighting new innovations and expanded missions.
Keynotes from CEO Mark Barrenechea will focus on the evolving landscape of information management and large language models. Other highlights include presentations on Project Titanium and discussions with major customers like Evonik and Jaguar Land Rover.
Attendees will gain insights on enhancing customer connections, ensuring compliance with ESG regulations, and leveraging AI-powered solutions to drive their digital transformations.
Open Text Corporation (NASDAQ: OTEX) will release its third-quarter fiscal year 2023 financial results on May 4, 2023, at approximately 4:00 p.m. ET. Following the release, a teleconference will be hosted by CEO Mark Barrenechea and CFO Madhu Ranganathan at 5:00 p.m. ET to discuss the financial results. Investors can join the call via dial-in options or listen to the webcast available on the company's investor relations website.
Additionally, Open Text has filed its Current Report on Form 8-K/A, which provides audited consolidated financial statements of Micro Focus International Limited and unaudited pro forma financial information concerning its recent acquisition of Micro Focus. This filing reflects the financial position of Open Text post-acquisition as required by securities laws.
OpenText (NASDAQ: OTEX) released its 2023 Cybersecurity Threat Report, highlighting a 40.3% reduction in malware encounters for users with multi-layered protection. The report reveals a 16.7% decline in endpoint malware infections year-over-year. Despite a surge in phishing, with spear phishing traffic increasing 16.4% YoY, and ransomware payments jumping to nearly $200k, the report underscores the importance of comprehensive security measures. Key findings include that manufacturing is the most targeted industry and the alarming persistence of cybercriminals. The report advocates for a multi-layered defense to mitigate risks effectively.
OpenText has been recognized as a Leader in The Forrester Wave™: Content Platforms, Q1 2023. The company achieved the highest scores in ten key criteria, including market approach, integrations, and digital process automation. The report notes the growing demand for flexible cloud platforms in enterprise content management and highlights OpenText's robust vertical strategy and simplified product offerings. Muhi Majzoub, EVP and Chief Product Officer, emphasized the importance of OpenText’s technology for improving organizational information management.
OpenText (NASDAQ: OTEX) launched ValueEdge23, an advanced cloud-based DevOps and value stream management platform, on March 21, 2023. This new version enhances speed-to-value for CTOs by streamlining development processes and reducing delays. Key features include strategic planning for agile development, codeless quality testing, and real-world performance engineering. ValueEdge23 aims to transform customer experiences and increase competitiveness by optimizing digital value streams. The platform, recognized as a strong performer since its initial launch in March 2022, aligns with OpenText's acquisition of Micro Focus in January 2023.
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