OpenText Unveils Secure Cloud Evolution to Supercharge Managed Service Provider (MSP) Business Growth

Rhea-AI Summary

OpenText has announced a significant upgrade to its Secure Cloud platform, aimed at boosting growth for managed security providers (MSPs). The enhanced platform offers automated provisioning, improved product bundling, integrated task management, and advanced reporting and analytics capabilities. These features are designed to streamline MSP operations, allowing them to focus on customer growth and retention.

The update responds to market demands revealed in OpenText Cybersecurity's 2024 Global Managed Security Survey, which found that 56% of MSPs are chosen for their robust security services. Key enhancements include a modern interface with new MSP workflows, streamlined billing and invoicing, new cross-functional security solution bundles, and integration with leading platforms like ConnectWise, Kaseya, and Autotask. The platform now also offers OpenText MDR, Cork Cyber warranty, Pen testing, and Azure Virtual Desktop capabilities.

Positive

• Introduction of automated provisioning and integrated task management to streamline MSP operations
• New product bundles for tailored, cross-functional security solutions
• Integration with leading platforms like ConnectWise, Kaseya, and Autotask
• Addition of new offerings including OpenText MDR, Cork Cyber warranty, Pen testing, and Azure Virtual Desktop
• Platform already serves 100,000 small-to-medium businesses, indicating strong market presence

Negative

• None.

Insights

Tech Expert

OpenText's Secure Cloud platform evolution marks a significant step in empowering MSPs to streamline their security service offerings. The new features, including automated provisioning and integrated task management, address key operational pain points for MSPs. This could potentially increase adoption rates and customer retention for OpenText's solutions.

The addition of MDR services and cyber warranty through acquisitions and partnerships demonstrates OpenText's commitment to providing a comprehensive security suite. This move aligns with market demands, as evidenced by the 56% of MSPs chosen for their robust security services.

The platform's integration with major MSP tools like ConnectWise and Kaseya enhances its value proposition, potentially leading to increased market share. However, the impact on OpenText's revenue may take time to materialize as MSPs adapt to the new offerings and expand their customer base using these enhanced capabilities.

Market Research Analyst

The enhancements to OpenText's Secure Cloud platform are strategically aligned with current market trends in managed security services. The global MSP market is experiencing rapid growth, driven by increasing cybersecurity threats and the complexity of IT environments.

OpenText's move to offer a more comprehensive, integrated platform could potentially increase its average revenue per user (ARPU) and improve customer stickiness. The addition of MDR and cyber warranty services expands OpenText's total addressable market within the cybersecurity sector.

With 100,000 SMBs already using Secure Cloud, OpenText has a solid base to upsell these new services. However, the success of this platform evolution will depend on effective marketing, partner education and the ability to demonstrate clear ROI to MSPs and their end clients. The impact on OpenText's financials may not be immediate but could contribute to long-term growth if executed well.

New bundles, integrated task management and enhanced billing capabilities empower MSPs to deliver comprehensive security services with ease

WATERLOO, ON, Oct. 22, 2024 /PRNewswire/ -- OpenText™ (NASDAQ: OTEX), (TSX: OTEX) today announced a major evolution of its Secure Cloud platform, designed to drive growth for managed security providers (MSPs). With fresh features like automated provisioning, enriched product bundling, integrated task management and improved reporting and analytics, the platform streamlines MSP operations helping them focus on customer growth and retention.  

Recently, the OpenText Cybersecurity's 2024 Global Managed Security Survey revealed that 56% of MSPs and MSSPs are chosen by clients for their ability to deliver robust security services.  In response, OpenText Cybersecurity is simplifying the path for MSPs to deliver end-to-end security solutions through a single, unified platform.

"OpenText remains committed to empowering our channel partners to meet the evolving demands of today's market," said Sandy Ono, Executive Vice President and Chief Marketing Officer, OpenText. "We are a one-stop-shop for MSPs from email protection and data risk management to cyber warranty and managed detection and response (MDR). Following our acquisition of Pillr to expand into MDR and our new partnership with Cork to offer cyber warranty, we are now providing partners with a seamless, world-class platform they can easily service their customers with while staying ahead of today's cyber threats."

The expansion features:

• Platform enhancements: A modern interface with new MSP workflows, integrated task management and a streamlined billing, payments and invoicing experience. This unified platform allows MSPs to manage, administer, and bill clients more efficiently, saving time and improved delivery.
• New bundles: MSPs can now offer tailored, cross-functional security solutions with ease, thanks to new product bundles that include email risk management, compliance, data risk management and security.
• All-in-One Platform: Secure Cloud now integrates seamlessly with leading platforms like ConnectWise, Kaseya, and Autotask. New offerings include OpenText MDR, Cork Cyber warranty, Pen testing and Azure Virtual Desktop, further expanding the platforms capabilities.

With 100,000 small-to-medium businesses already relying on Secure Cloud, these enhancements will enable MSPs to deliver even more comprehensive security services to a growing customer base.

Additional Resources:

• To learn more about OpenText Cybersecurity for SMB, click here.
• To learn more about the newly updated Secure Cloud platform, click here.
• Also, for more information check out our blog here.

About OpenText Cybersecurity
OpenText Cybersecurity provides comprehensive security solutions for companies and partners of all sizes. From prevention, detection and response to recovery, investigation and compliance, our unified/end-to-end platform helps customers build cyber resilience via a holistic security portfolio. Powered by actionable insights from our real-time and contextual threat intelligence, OpenText Cybersecurity customers benefit from high-efficacy products, a compliant experience and simplified security to help manage business risk.

About OpenText 
OpenText™ is the leading Information Management software and services company in the world.  We help organizations solve complex global problems with a comprehensive suite of Business Clouds, Business AI, and Business Technology.  For more information about OpenText (NASDAQ/TSX: OTEX), please visit us at www.opentext.com.

Connect with us:

OpenText CEO Mark Barrenechea's blog
Twitter | LinkedIn 

Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies, and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Further, readers should note that we may announce information using our website, press releases, securities law filings, public conference calls, webcasts and the social media channels identified on the Investors section of our website (https://investors.opentext.com). Such social media channels may include the Company's or our CEO's blog, Twitter account or LinkedIn account. The information posted through such channels may be material. Accordingly, readers should monitor such channels in addition to our other forms of communication.

Copyright © 2024 OpenText. All Rights Reserved. Trademarks owned by OpenText. One or more patents may cover this product(s). For more information, please visit https://www.opentext.com/patents.

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SOURCE Open Text Corporation

FAQ

What new features does OpenText's Secure Cloud platform offer for MSPs?

OpenText's Secure Cloud platform now offers automated provisioning, improved product bundling, integrated task management, enhanced reporting and analytics, a modern interface with new MSP workflows, streamlined billing and invoicing, and integration with leading platforms like ConnectWise, Kaseya, and Autotask.

How many small-to-medium businesses currently use OpenText's Secure Cloud platform (OTEX)?

According to the press release, 100,000 small-to-medium businesses already rely on OpenText's Secure Cloud platform.

What new security offerings are included in OpenText's Secure Cloud platform update?

The updated Secure Cloud platform now includes OpenText MDR (Managed Detection and Response), Cork Cyber warranty, Pen testing, and Azure Virtual Desktop capabilities.

What did OpenText's 2024 Global Managed Security Survey reveal about MSP selection?

The survey revealed that 56% of MSPs and MSSPs are chosen by clients for their ability to deliver robust security services.