Open Text Corp Stock Price, News & Analysis

OpenText (NASDAQ: OTEX) released a survey revealing that digital technology adoption is crucial for enhancing supply chain efficiency. The IDC report states that over 78% of respondents found that B2B integration improved their supply chain performance. Despite increased investments, only 6% of organizations are at the highest level of digital maturity, indicating a significant gap. The study also highlights that 80% of companies experienced improvements in costs and KPIs through automation. OpenText's solutions, like the OpenText Business Network Cloud, aim to streamline B2B processes, showcasing the importance of AI and analytics in modern supply chains.

Open Text Corporation (NASDAQ: OTEX) will release its financial results for the second quarter of fiscal year 2023 on February 2, 2023, at 4:00 p.m. ET. A teleconference, featuring CEO Mark J. Barrenechea and EVP, CFO Madhu Ranganathan, will occur the same day at 5:00 p.m. ET to discuss these results. Participants are encouraged to dial in 10 minutes early. Following the call, a replay will be available until February 16, 2023. Additionally, the company will ring the Nasdaq opening bell on February 3, 2023.

OpenText has received all regulatory approvals for its acquisition of Micro Focus International announced on August 25, 2022. The acquisition is an all-cash offer and is expected to close on January 31, 2023, following a court sanction on January 27, 2023. OpenText's CEO expressed enthusiasm about integrating Micro Focus into its operations, highlighting the benefits for its customer base and future digital solutions.

Open Text Corporation (NASDAQ: OTEX) announced that CEO Mark J. Barrenechea will ring the Nasdaq opening bell on February 3, 2023, alongside the executive team. The event, taking place in Ottawa, Canada, celebrates Canada's innovation and OpenText's status as the leading cloud company in the country. Barrenechea emphasized Canada's rapid growth as a technology hub and the company's commitment to fostering this innovation.

Live coverage will be available, enhancing OpenText's visibility in the market.

OpenText (NASDAQ: OTEX) has announced a partnership with Allstate Identity Protection (AIP) to enhance consumer safety against cyber threats. This collaboration will integrate AIP's identity protection services with Webroot's offerings, providing multi-layered security for digital devices and personal information. The new service includes fraud expense reimbursement of up to $500,000 and stolen funds reimbursement of up to $50,000 along with comprehensive monitoring solutions. The initiative responds to the increasing risk of identity theft, especially during the holiday shopping season.

OpenText (NASDAQ: OTEX) has successfully closed a US$1 billion notes offering to finance its acquisition of Micro Focus International plc. This move completes a US$4.585 billion debt financing package, leading to the termination of related bridge loan commitments. After the acquisition, OpenText's long-term debt will rise to approximately US$9.3 billion. The CEO, Mark J. Barrenechea, stated that the capital structure is solid, and they are on track to finalize the acquisition next quarter.

OpenText (NASDAQ: OTEX) announced a $1 billion offering of 6.90% senior secured fixed rate notes due 2027 as part of its acquisition strategy for Micro Focus International plc. Additionally, it has syndicated a $3.585 billion first lien term loan due 2029. The total debt financing package for the acquisition amounts to $4.585 billion. After the closing, OpenText's long-term debt will rise to approximately $9.3 billion with a targeted net leverage ratio of less than three times within eight quarters post-acquisition. The acquisition is expected to finalize in early 2023.

OpenText (NASDAQ: OTEX) has announced a proposed offering of senior secured notes to finance its upcoming acquisition of Micro Focus International plc. The notes will be guaranteed by OpenText's wholly-owned subsidiaries in the U.S. and Canada and will be secured on the same basis as the company's senior credit facilities. The timing, size, and terms of the offering are contingent on market conditions. This offering is part of OpenText's strategy to enhance its financial standing and facilitate the acquisition's completion.

OpenText (NASDAQ: OTEX) has been recognized in the 2022 MITRE Engenuity ATT&CK Evaluations for Managed Services for its Managed Detection and Response (MDR) capabilities. The evaluation highlighted OpenText's achievement of zero false positives during the assessment and a 100% detection rate of attacker tactics. This demonstrates its effective security solutions, which help organizations mitigate security risks. OpenText's cloud-based Managing Extended Detection and Response (MxDR) services provide continuous threat monitoring and advanced threat hunting, supporting businesses in their cyber resilience efforts.