OpenText

OpenText Corporation announced an agreement to divest Vertica, a non-core analytics asset, to Rocket Software for US$150 million in cash. The sale advances OpenText’s strategy to focus on secure information management for enterprise AI and cloud solutions. Executive chairman P. Thomas Jenkins said rationalizing non-core assets strengthens capital allocation and long-term growth.

Vertica generated about US$80 million revenue in fiscal 2025. Interim CEO James McGourlay said the deal places Vertica with a committed owner and supports customers during transition. Proceeds will reduce debt. Rocket Software is backed by Bain Capital.

Want to know more? Check out the source code on Newswire.ca.

OpenText has sold its eDOCS legal automation unit to NetDocuments for US$163 million in cash. The Waterloo-based software firm, which earned US$5.2 billion in revenue last fiscal year, said proceeds will go toward debt reduction. eDOCS contributed only about US$30 million in sales—0.6 per cent of OpenText’s total.

The divestiture marks the company’s first move since launching a strategic review after CEO Mark Barrenechea’s ouster in August. Analysts at CIBC Capital Markets predict OpenText could sell assets representing up to 20 per cent of revenue. Shares rose slightly Friday, climbing 1.1 per cent in Nasdaq trading.

Want to know more? Check out the source code on The Logic.

Big changes at OpenText. The Waterloo software giant has ousted CEO Mark Barrenechea after 12 years, naming sales exec James McGourlay interim chief. Alongside the shake-up, the company is exploring asset sales to double down on “information management for AI.”

The move comes days after earnings: US$436M profit on US$5.17B revenue, both down after the mainframe-modernization unit sale. Barrenechea led the shift to subscription cloud services and blockbuster deals like the US$6B Micro Focus acquisition in 2022. Now, the board’s betting AI will fuel the next chapter.

Want to know more? Check out the source code on The Logic.

Kitchener-Waterloo’s OpenText is eliminating 1,600 more jobs as part of its expanded global “business optimization plan,” citing a shift to AI-first operations. CEO Mark Barrenechea described AI adoption as a “baseline expectation,” stating that the company conducted a “deep analysis” of roles that could be replaced by machines.

The total net reduction now stands at 2,000 jobs. OpenText, which employs over 23,000 globally, plans to rehire 1,000 people into high-impact roles with AI capabilities. Executives claim the move will generate up to $550 million USD in annual savings. AI will now influence hiring, performance, and resource allocation decisions.

Want to know more? Check out the source code on BetaKit.

Serica Energy, a key player in the UK’s oil and gas sector, has partnered with Canadian tech firm OpenText to enhance its operational efficiency. By implementing OpenText Content Cloud and Extended ECM for Engineering, Serica aims to streamline its engineering information management, reduce risk, and accelerate project completion times, according to a statement from the firms.

“Energy companies are under intense pressure to deliver more reliable and sustainable energy without compromising the health of their employees, the safety of the communities they serve, or the environment in which they operate,” observes Muhi Majzoub, Chief Product Officer at the publicly traded OpenText.

Want to know more? Check out the source code here.

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.

Want to know more? Check out the source code on The Logic.