STOCK TITAN

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.

Rhea-AI Summary
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-9.12%
Tags
AI
-
Rhea-AI Summary
Open Text Corporation (NASDAQ: OTEX) reports record total revenues of $4.5 billion with 28% growth in fiscal 2023. The annual recurring revenues represent 81% of total revenues, with cloud revenues of $1.7 billion. The company also achieved 10 consecutive quarters of cloud and ARR organic growth in constant currency. OpenText CEO & CTO, Mark J. Barrenechea, highlighted the exceptional results and the mission to empower individuals and organizations to achieve the Information Advantage. The company also announced opentext.ai and OpenText Aviator™, their vision and initial AI products, for the customer's AI journey.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-9.12%
Tags
-
Rhea-AI Summary
OpenText announces the release of OpenText Cloud Editions 23.3, integrating AI and analytics capabilities. The innovations aim to help customers interconnect and exchange insights across clouds to learn, innovate, and grow faster. Key features include advanced analytics at unlimited scale, enhanced collaboration through OpenText Documentum for Healthcare and OpenText Core for Google Workspace, and meeting security and compliance standards with OpenText Fortify on Demand's FedRAMP Authorization.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.16%
Tags
none
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.98%
Tags
conferences earnings
-
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-3%
Tags
none
-
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.29%
Tags
none
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
13.27%
Tags
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-0.42%
Tags
none
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
none
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.97%
Tags
conferences earnings

FAQ

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

The current stock price of Open Text (OTEX) is $27.96 as of December 23, 2024.

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

The market cap of Open Text (OTEX) is approximately 7.4B.

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

7.38B
260.08M
2.1%
77.98%
1.87%
Software - Application
Services-computer Integrated Systems Design
Link
United States of America
ONTARIO CANADA