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 reports news about enterprise data management, secure information management for AI, cloud services and capital allocation. Company updates commonly cover financial results, cloud revenue and annual recurring revenue, sovereign cloud offerings for regulated European organizations, and partnerships that place OpenText products on hyperscaler cloud infrastructure.
OpenText news also includes portfolio actions such as the completed Vertica divestiture, capital allocation through share repurchase authorizations and dividends, leadership changes, and research on AI governance and cybersecurity foundations.
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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