Open Text Corp Stock Price, News & Analysis

OpenText (NASDAQ: OTEX) has introduced new threat intelligence technology and expanded its security solutions at the RSA Conference in San Francisco, held from June 6-9, 2022. The company emphasizes the importance of multi-layered security to combat rising cyber threats, highlighting a 1122% increase in phishing attacks reported in Q1 2022 compared to the previous year. Key offerings include patent-pending DNS Leak Prevention technology and Managed Extended Detection and Response (MxDR). OpenText aims to enhance cyber resilience for organizations of all sizes with these advancements.

OpenText (NASDAQ: OTEX) has been awarded the 2022 SAP Pinnacle Award in the Partner Solution Success category, highlighting its excellence as an SAP partner. Recognized for its commitment to customer value creation, OpenText has earned this award for the 17th time in 14 years, demonstrating its dedication to innovation and strong partnerships. The award acknowledges the company's efforts in enhancing operational efficiencies through SAP solutions. CEO Mark J. Barrenechea stated that this recognition affirms their focus on delivering cloud-based innovations to aid organizations in their digital transformation.

OpenText (NASDAQ: OTEX) announced strong Q3 fiscal 2022 results with total revenues of $882.3 million, up 5.9% year-over-year. Cloud revenues hit a record $401.9 million, increasing 13.0% year-over-year, while annual recurring revenues reached $734.5 million, representing 83% of total revenues. However, GAAP net income decreased 18.4% to $74.7 million, with diluted EPS falling 15.2% to $0.28. Despite this, the company reported robust operating cash flows of $323.6 million and free cash flows of $306.0 million, enabling continued investments in growth.

OpenText (OTEX) showcased innovative capabilities at AIIM 2022, enhancing information management across cloud environments. Key offerings include OpenText Core Content for content lifecycle management, OpenText Core Case Management for streamlined integration, and Content Services APIs for custom solutions. The focus is on operational excellence through automation and improved collaboration, addressing the needs of a distributed workforce. CEO Sandy Ono emphasized the importance of scalable solutions for modern businesses.

OpenText (NASDAQ: OTEX) announced that Tokio Marine Insurance Vietnam (TMIV) has adopted its solutions to enhance client communication and service efficiency. By implementing OpenText Exstream™, TMIV has accelerated the creation of insurance policy documents by 40%, significantly reducing processing times and costs. This collaboration aims to improve customer experiences and streamline workflows, aligning with TMIV's goals for high-quality service delivery. The initiative marks TMIV's commitment to digital modernization, contributing to its growth and competitiveness in the insurance sector.

Open Text Corporation (NASDAQ: OTEX) will announce its financial results for the third quarter of fiscal year 2022 on May 4, 2022, at approximately 4:00 p.m. ET. A teleconference hosted by CEO Mark J. Barrenechea and CFO Madhu Ranganathan will follow at 5:00 p.m. ET. Investors can dial in 10 minutes earlier using the provided numbers. A replay will be available from May 4, 2022 at 7:00 p.m. ET until May 18, 2022. For more details, visit the investor events page.

OpenText (NASDAQ: OTEX) and MUFG Global Securities Lending Solutions Group have partnered to enhance client services by providing tailored reporting capabilities. This collaboration aims to leverage OpenText's cloud-based solutions, improving digital experiences and reporting efficiencies for GSLS clients. With tools like the OpenText STP Financial Hub, GSLS will enhance file management and reporting across multiple formats. This partnership is focused on delivering market-leading flexibility and transparency, aiming to elevate customized reporting standards in the securities lending sector.

X1 has appointed Larry Gill as the new CEO, bringing over 20 years of experience in technology and eDiscovery. Previously, he served as CEO of Phoenix Technologies and held senior roles at Guidance Software and Aspen Technology. X1 aims to enhance its leadership in remote eDiscovery solutions as businesses adapt to a distributed workplace. Gill's expertise is expected to drive growth and innovation, leveraging X1's cutting-edge technology for ESI collection and compliance.

OpenText (NASDAQ: OTEX) released the 2022 BrightCloud® Threat Report, highlighting a 770% increase in phishing activity in May 2021. The report emphasizes the need for businesses to enhance cyber resilience amid escalating threats. Key findings include that 86.3% of malware is unique to individual PCs, with manufacturing being the most impacted industry. Cybercriminals are shifting tactics, with cryptomining becoming more prevalent. The report underscores the urgency for organizations to implement robust multi-layered security strategies to protect against these emerging risks.