Open Text Corp Stock Price, News & Analysis

OpenText released its third annual 2024 Global Ransomware Survey, revealing the current state of ransomware attacks. Key findings include:

- 62% of respondents were impacted by a ransomware attack originating from a software supply chain partner in the past year.
- 48% of respondents experienced a ransomware attack, with 73% of those occurring in the last year.
- 46% of those attacked paid the ransom, with 31% paying between $1 million and $5 million.
- 55% believe their company is more at risk due to increased AI use among threat actors.
- 66% are investing most in cloud security.
- 91% require employees to participate in security awareness or phishing training.

The survey highlights the persistent struggle businesses face in staying ahead of evolving ransomware threats and the rising cost of attacks.

Open Text (NASDAQ: OTEX, TSX: OTEX) has announced that it will release its first quarter fiscal year 2025 financial results on Thursday, October 31, 2024, at approximately 7:00 a.m. ET. Following the release, the company will host a conference call webcast at 9:00 a.m. ET, led by CEO & CTO Mark J. Barrenechea and President, CFO & Corporate Development Madhu Ranganathan.

The 60-minute webcast will be accessible from OpenText's Investor Relations website. Additionally, OpenText will host an Investor Track during its annual user conference, OpenText World 2024, on Tuesday, November 19, 2024 in Las Vegas. This event will be available both in-person and virtually, offering insights into OpenText's latest innovations.

OpenText has released the results of Webroot's 2024 GenAI Consumer Trends and Privacy Report, revealing significant privacy concerns as generative AI usage becomes more widespread. Key findings include:

• 39% of consumers use generative AI at least weekly
• 90% are concerned or neutral about AI systems collecting their data
• Only 27% use privacy tools to protect workplace information when using generative AI
• 77% of parents are concerned about their children's privacy when using generative AI tools

The report emphasizes the need for straightforward privacy and security solutions as AI becomes more integrated into daily life. OpenText recommends active management of device privacy settings and comprehensive protection software to safeguard sensitive information from unauthorized access and exploitation.

OpenText has released its 2024 Threat Hunter Perspective, revealing a significant trend in the cybersecurity landscape: collaboration between nation-states and cybercrime rings targeting global supply chains. The report highlights that Russia is collaborating with malware-as-a-service gangs like Killnet and Lokibot, while China is working with groups such as Storm0558 and Volt Typhoon.

Key findings include:

• Attackers are focusing on specific events, especially major holidays and the upcoming U.S. presidential election
• Russian cyberattacks typically follow a Monday-Friday schedule
• Chinese attacks often schedule data exfiltration for weekends
• Nations with weaker cyber defense infrastructure are being compromised
• Global supply chains are being targeted to indirectly impact primary targets

The report emphasizes the need for enterprises to be prepared for large-scale attacks, making threat intelligence and defense capabilities crucial.

OpenText (NASDAQ: OTEX, TSX: OTEX) held its annual meeting of shareholders virtually on September 12, 2024. Shareholders representing 82.60% of outstanding common shares were present or represented by proxy. The meeting resulted in the re-election of ten directors to serve until the next annual meeting. Notable voting results include:

- Mark J. Barrenechea received the highest approval at 96.76%
- Robert Hau received near-unanimous support with 99.69% votes in favor
- David Fraser faced the most opposition with 14.54% votes against

Ann M. Powell decided not to stand for re-election. The company filed detailed voting results on SEDAR+ and EDGAR.

OpenText has been named one of the World's Best Companies by TIME Magazine for the second consecutive year. This recognition is based on Employee Satisfaction, Revenue Growth, and Sustainability (ESG). The company has also received several other accolades, including:

• Forbes' World's Best Employers for three consecutive years
• Forbes' World's Top Companies for Women in 2023
• Canada's Best Employers for four years in a row
• Canadian Business Innovation Award in 2024

OpenText's commitment to Diversity, Equity, and Inclusion remains strong. The company recently released its annual Corporate Citizenship Report, highlighting progress on its Zero-In Initiative. Key achievements include affirming commitment to responsible Business AI, prioritizing environmental impact, and reporting over 35,000 employee volunteer hours and $1.45 million in charitable donations in 2024.

OpenText has received FedRAMP authorization for its IT Management Platform (ITMX), enhancing its commitment to providing secure cloud solutions for government agencies. ITMX includes Service Management Automation X (SMAX), Asset Management X (AMX), Universal Discovery and CMDB (UCMDB), and Project and Portfolio Management (PPM).

Key capabilities of ITMX include a single intuitive self-service portal, AI-driven support, codeless configurations, and powerful discovery of IT assets. This authorization allows U.S. federal agencies to confidently use OpenText's solution to deliver modern user services, increase IT productivity, and reduce risks and costs.

OpenText partner Carahsoft will distribute ITMX and other OpenText products to public sector organizations. Additionally, OpenText's Fortify on Demand and OpenText Cloud for Government have also achieved FedRAMP authorization.

OpenText (NASDAQ: OTEX, TSX: OTEX) announces the OpenText DevSecOps Virtual Summit 2024, scheduled for Sept. 24, 2024. This premier virtual event focuses on the intersection of development and security, bringing together global experts to explore the latest trends in DevSecOps and AI. The summit features a keynote panel on AI-Powered DevSecOps, showcasing OpenText's integrated suite of solutions. A fireside chat with industry leaders Alan Shimel and John Willis will delve into the evolving landscape of DevSecOps. The event also includes hands-on sessions with OpenText's ValueEdge, Fortify, and DevOps Aviator tools, demonstrating practical applications of AI in DevSecOps. Attendees will gain insights into building secure applications without sacrificing agility, and learn how AI can enhance security, streamline operations, and drive innovation in their organizations.

OpenText (NASDAQ: OTEX) (TSX: OTEX) has been named a Leader in the IDC MarketScape: Worldwide Intelligent Content Services 2024 Vendor Assessment. The report highlights OpenText Content Cloud's ability to connect content to digital business, eliminate silos, and provide secure remote access to data. Key features include IDP, process automation, information archiving, security, governance, and business integrations.

The IDC MarketScape also notes OpenText's deep integration capabilities with common business applications like SAP, Salesforce, Microsoft O365, and Google Workspace. OpenText's solutions, including Content Aviator with embedded generative AI, are recognized for meeting customer needs in a market where AI-powered capabilities are essential, particularly for large enterprises and highly regulated industries.