OpenText, headquartered in Waterloo, Ontario, announced plans to cut 1,200 jobs while creating 800 new ones in a strategic shift towards AI, cloud, and security technologies. CEO Mark Barrenechea outlined this transition to “OpenText 3.0 – Information Reimagined” in an open letter, emphasizing a focus on cutting-edge tech to serve business customers and reducing annual expenses by $150 million.
Despite job cuts, new positions will open in sales, professional services, and engineering. The company, which had 24,100 employees as of last June, reported US$1.4 billion in revenue last quarter, up from US$1.2 billion year-over-year.
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