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 Corporation (OTEX) generates a steady flow of news as a Cloud and AI company focused on secure information management for AI. Its announcements highlight how the company designs, develops, markets, and sells information management software and solutions that help organizations protect, govern, and activate their data with confidence. News items often emphasize OpenText’s role in turning data into information with context to support AI and business decision-making.
Investors and technology professionals following OTEX news will see regular updates on financial performance, including quarterly earnings releases and related conference calls, as reported through press releases and Form 8-K filings. The company also reports on its dividend declarations under its dividend policy, providing insight into its capital return approach, while noting that future dividends remain subject to board discretion and contractual limitations.
Beyond earnings, OpenText frequently announces product and platform developments. Recent news has covered the introduction of the OpenText AI Data Platform (AIDP), enhancements to OpenText Aviator for agentic AI, and new cybersecurity capabilities under the OpenText Cybersecurity brand, such as Core Threat Detection and Response, Core Identity Foundation, Application Security Aviator, and Data Privacy and Protection (Voltage). These updates illustrate how the company is aligning information management, security, and AI.
OTEX news also includes partnership and ecosystem developments. Examples include expanded collaboration with Google Cloud around AI, data privacy, and sovereign cloud, and certification of OpenText Core Content Management for SAP S/4HANA Cloud Public Edition. Corporate governance and leadership changes, such as board appointments and executive transitions, are disclosed via news releases and SEC filings. For investors and analysts, the OTEX news feed provides a centralized view of OpenText’s financial updates, strategic moves, product roadmap, and ecosystem relationships over time.
OpenText has released its 2024 Global Managed Security Survey, gathering insights from over 1,500 Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs). The survey reveals that 92.5% of respondents see AI-led security services as the primary growth driver over the next 12 months. More than 80% already offer these AI-related services, with an additional 62% planning to do so within a year. Security expertise and AI have become the top qualities customers seek from MSPs/MSSPs. Demand for comprehensive security solutions has increased by over 10% in 2024, and 27% of customers now prefer a single vendor for their security needs, marking a 10% increase from 2023.
Additionally, 83% of MSPs/MSSPs have experienced business growth due to AI security tools. However, incorporating AI into security remains a significant challenge for 34% of providers. The primary benefit of AI is to augment, not replace, the skills of security professionals, enhancing the effectiveness of security platforms.
OpenText has introduced a suite of AI-powered solutions at SAP Sapphire 2024 to enhance information management within SAP business processes. The new features aim to integrate, search, and apply archived data while controlling cloud costs and ensuring compliance. OpenText's innovations promise to boost efficiencies across finance, HR, supply chain, and customer experiences. Major enhancements include SAP S4Hana and OpenText Cloud for better governance, OpenText Content Aviator for productivity, and OpenText DevOps Cloud for IT lifecycle management. The company emphasizes its commitment to continuous innovation in partnership with SAP.
OpenText (NASDAQ: OTEX, TSX: OTEX) announced that their IDOL platform has been named a Leader in The Forrester Wave: Document Mining and Analytics Platforms, Q2 2024. Forrester's evaluation, which analyzed 14 providers, praised IDOL for its comprehensive capabilities in document mining and analytics. OpenText's IDOL achieved the highest score in the current offering category, excelling in criteria such as accuracy, complex forms handling, security, and regulatory compliance. This recognition highlights OpenText's commitment to AI-driven solutions and addressing the challenges of managing large volumes of diverse data for enterprises.
OpenText (NASDAQ: OTEX, TSX: OTEX) has acquired Pillr, a cloud-native Managed Detection and Response (MDR) platform from Novacoast. Pillr's technology, designed for Managed Service Providers (MSPs), features advanced threat hunting and response capabilities. This acquisition aims to strengthen OpenText's cybersecurity offerings, addressing skill gaps and alert fatigue among its customers. The integration of Pillr into OpenText's portfolio will enhance API integrations and product bundling, offering comprehensive cybersecurity solutions. CEO Mark J. Barrenechea emphasized that this acquisition will help prevent sophisticated cyber threats and supports their commitment to SMB partners. Notably, this acquisition is not expected to materially impact OpenText's financial results.
OpenText (NASDAQ: OTEX) announced the completion of a $2 billion debt reduction using proceeds from its AMC divestiture. $940 million was paid to terminate the Term Loan B due 2025, and $1.06 billion was used to reduce amounts outstanding under the Acquisition Term Loan due 2030.
OpenText, The Information Company™, offers leading information management solutions. All dollar amounts in U.S. dollars. Visit investors.opentext.com for more details.
OpenText announced new advancements to protect organizations against cyber threats by introducing innovations that prioritize customer value. The company remains committed to preemptive cybersecurity measures, offering unparalleled threat intelligence and proactive defense capabilities. These innovations empower organizations with proactive insights and equip cyber defenders with the intelligence and tools to anticipate and mitigate potential risks before they materialize.
OpenText reported record Q3 total revenues of $1.45 billion, up 16.3% year-over-year, with cloud revenues of $455 million and annual recurring revenues of $1.146 billion. The company also announced a $250 million share repurchase program and completed the sale of its AMC business for $2.275 billion. Adjusted EBITDA increased by 27.0% year-over-year, and free cash flows grew by 13.9%. The reinstatement of a share repurchase plan reflects confidence in operational execution and expanding cash flows.
OpenText has completed the divestiture of its Application Modernization and Connectivity (AMC) business to Rocket Software for $2.275 billion, aiming to reduce debt by $2 billion. The company plans to focus on Information Management, Cloud, Security, and AI markets to drive innovation and growth.
OpenText announced OpenText Debricked Open Source Select, a solution addressing open source intake challenges for developers. The tool automates management of open source discovery and intake based on company policies, saving valuable time for developers. A Forrester Consulting study showed that 66% of organizations struggle to find open source code meeting security policies.
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