The corporate software company will pay off the debt and continue to evaluate its assets.
Opentext sells its EDOCS unit in Netdocument from Utah for $ 163 million ($ 227.3 million) in cash.
Kitchener-Waterloo company began Study of sales In August, to focus on your main business management of information for artificial intelligence in August. The EDOCS business, which helps legal specialists with the management of documents, has introduced about 30 million dollars. US income to the last financial year Opentext.
The transaction includes the integration of EDOCS software and related contracts, services and customer employees in Netdocument. Betakit asked for details about the number of workers affected. It is expected that the transaction will close at the beginning of 2026, when the Opentext will use the revenue from the sale to reduce its debt.
“This review additionally allows us to constantly focus on the development of our main business, focused on the safe management of information for AI,” the executive chairman and director of the Opentext strategy said in his statement. “This transaction supports our structure of capital distribution, simultaneously strengthening our attention in enterprises that will stimulate our future income growth.”
Jenkins added that Opentext will continue to study the possibilities that “rationalize” their inaccurate assets from their portfolio.
A constant overview of its assets is only one of the symptoms of a three -year “optex”.Business optimization plan“This is designed to check the company's expenses. Opentext also Replaced In August, this General Director and Technical Director for almost 14 years Mark Barrenechey, August this year after the company announced that he had stopped. Together, his executive vice president of international sales, James McGarl, was appointed Provisional Director, while Jenkins headed the Executive Committee.
The executive change occurred shortly after the financial director of Chardwick Westlake left To become president and general director of a fair bank. Opentext knocked on the former financial director of BlackBerry Steve Rai to fill this vacancy this week.
Founded in 1991, Opentext provides a set of cloud solutions for managing information for enterprises competing with such as IBM, Abbyy and Hyland. Over the years, the company has adapted to introduce Cloud and AI services, including cybersecurity and artificial intelligence agents.
Image function is provided OpentextField
