Open Text Corp Stock Price, News & Analysis

OpenText (NASDAQ: OTEX, TSX: OTEX) announces the OpenText Analytics Digital Summit 2024, a virtual event scheduled for Sept. 10-11. The summit focuses on the transformative power of AI and data analytics, featuring customer speakers from healthcare, FinTech, AdTech, and travel industries. Key sessions include:

1. A fireside chat between OpenText CEO and Criteo CTO on managing massive data volumes and GenAI in digital marketing.
2. Philips Healthcare on predictive IoT maintenance for medical equipment.
3. Criteo's R&D team on leveraging OpenText Vertica for business growth.
4. Lastminute.com on data lakehouse best practices for customer insights.

The event also showcases OpenText's latest innovations, including the integration of Data Discovery with Analytics Database (Vertica) and upcoming product releases.

Nippon Gases Deutschland, a subsidiary of Nippon Sanso Holdings , has partnered with OpenText (NASDAQ: OTEX, TSX: OTEX) to implement mandatory B2B e-invoicing in Germany before the January 1, 2025 deadline. The collaboration leverages OpenText Active Invoices with Compliance to navigate complex e-invoicing regulations and industry-specific challenges.

Germany's e-invoicing regulations focus on approved formats for electronic invoices rather than mandating specific exchange and reporting methods. OpenText's fully managed business network cloud and e-invoicing platform will help Nippon Gases Deutschland adapt to these requirements, streamline operations, and ensure compliance across multiple global markets.

The partnership aims to reduce invoicing time, minimize errors, expedite payments, and mitigate non-compliance risks. OpenText's solutions offer e-invoicing compliance across more than 50 countries and B2B integration for small and mid-sized businesses.

OpenText™ (NASDAQ: OTEX, TSX: OTEX) announced that Serica Energy, a leading British upstream oil and gas company, has chosen OpenText Content Cloud™ and Extended ECM for Engineering™ to enhance its operational efficiency. This strategic move aims to streamline engineering information management, work processes, and risk control across project lifecycles and operations.

Serica Energy, one of the UK's top ten oil and gas producers, will leverage OpenText's cloud-based content management solutions to boost productivity, optimize processes, and ensure compliance with health, safety, security, and environmental requirements. The adoption of these solutions will enable Serica to expand its portfolio, maximize asset value, and contribute to the energy transition.

The partnership with OpenText will help Serica overcome limitations in documentation controls and functionality, significantly enhancing operational efficiencies and reducing risk in managing asset operations. This collaboration supports Serica's growth phase and capital projects planned until 2035 and beyond.

Pick n Pay Group, a major African retailer, has partnered with OpenText (NASDAQ: OTEX, TSX: OTEX) to revolutionize its software testing processes. By implementing OpenText DevOps Aviator, Pick n Pay has achieved 95% automation in software testing, reducing testing times by up to three days. This AI-driven solution has improved testing accuracy, increased coverage by 20%, and accelerated development cycles.

The partnership has enabled Pick n Pay to enhance its digital services for e-commerce customers, outperforming public AI platforms in precision and data protection. The implementation has resulted in a 95% increase in quality assurance and system integration testing, surpassing standard goals of 75% to 80%. This efficiency boost allows testers to focus on higher-priority tasks and has cut training time for junior testers by six weeks.

OpenText has unveiled Axcelerate with Aviator, an AI-powered enhancement to its eDiscovery platform, as part of Cloud Editions 24.3. This innovation leverages Large Language Models (LLMs) to help legal professionals gain data-driven insights, mitigate risks, and reduce eDiscovery costs. The solution addresses the growing demand for efficient e-discovery solutions, with 54% of corporate legal teams planning to use AI for high-value work.

Axcelerate with Aviator offers features such as faster fact-finding, enhanced efficiency through automated data categorization and summarization, and cost certainty with upfront LLM cost estimates. OpenText will showcase this technology at ILTACON 2024, demonstrating how generative AI can revolutionize eDiscovery processes.

OpenText (NASDAQ/TSX: OTEX) reported its Fiscal 2024 financial results, showcasing strong performance with total annual revenues of $5.8 billion, reflecting a 29% year-over-year growth. Key metrics include:

• Total Revenues: $5.8 billion, up 28.6% Y/Y
• Annual Recurring Revenues: $4.5 billion, up 25.4% Y/Y
• Cloud Revenues: $1.8 billion, up 7.1% Y/Y
• Adjusted EBITDA: $2.0 billion, margin of 34.1%
• GAAP-based Net Income: $465 million, up 209.3% Y/Y
• Free Cash Flows: $808 million

OpenText also announced a new $300 million share repurchase program, a 5% dividend increase, and expects to return approximately $570 million to shareholders in Fiscal 2025. The company's quarterly results saw total revenues of $1.4 billion, down 8.6% Y/Y due to the AMC divestiture, but GAAP-based net income surged 609.4% Y/Y primarily due to gains from the divestiture.

OpenText announced that Export Development Bank of Egypt (EBank Egypt) has enhanced operational efficiencies and innovation using OpenText IT Operations Cloud solutions. EBank implemented OpenText Service Management Automation X (SMAX) to replace its outdated ticketing support system, providing smart self-serve capabilities and automating manual processes. The bank also leverages OpenText Operations Orchestration (OO) and OpenText Universal Discovery and CMDB to optimize IT operations and apply stricter security controls.

The implementation has transformed EBank's service management infrastructure, unlocking efficiencies and enhancing customer experience. It has also supported the bank's ESG goals by making it largely paperless. The success has led to plans for extending SMAX to non-IT departments, further enhancing accuracy and real-time tracking capabilities across the organization.

OpenText (NASDAQ: OTEX, TSX: OTEX) has unveiled Cloud Editions (CE) 24.3, a significant advancement in information management, cloud solutions, security, and artificial intelligence (AI). This release addresses the growing demand for AI and cloud integration in business transformation, with 68% of CIOs expecting generative AI and large language models to impact investment priorities.

Key innovations include OpenText DevOps Aviator, which accelerates application delivery using AI-powered testing bots, and OpenText Fortify Aviator, which automates SAST vulnerability remediation. OpenText Content Aviator enhances content management workflows across multiple platforms, while OpenText Thrust Studio provides developers with a real-time AI-powered digital assistant.

The company has also achieved FedRAMP authorization for several products, expanding its offerings to U.S. federal agencies.

OpenText (NASDAQ: OTEX) has announced its 2024 Hackathon, titled Hacknosis: Sustainable MedTech, which runs from July 15 to August 15. This virtual event aims to encourage innovation in MedTech sustainability, social sustainable design, and carbon accounting using OpenText APIs. According to the OpenText IT Sustainability Report, 97% of organizations have sustainability initiatives, but only 50% use software to track their IT carbon footprint. The hackathon seeks to bridge this gap by requiring participants to develop technologies that enhance OpenText solutions or support sustainability initiatives.

The event will feature three categories: MedTech sustainability, Social sustainability, and Technology, with cash prizes for the top three solutions in each category. John Radko, SVP of Engineering at OpenText, emphasized the value of hackathons in fostering creativity and innovation. Winners will be announced in September 2024 and celebrated in events later in the year. More information and registration details are available on the Hacknosis: Sustainable MedTech page.