WATERLOO, ON – 2017-7-26 – OpenText™ (NASDAQ: OTEX) (TSX: OTEX), a global leader in Enterprise Information Management (EIM), announced today that it has completed the closing of the previously announced acquisition of Covisint, the leading Cloud platform for building digital identity management, Internet of Things (IoT) applications, and automotive and transportation supply chains.
“Digital identity management, the Internet of Things, and B2B collaboration are at the heart of today’s digital revolution where extreme connectivity, automation, and computing are converging,” said OpenText CEO and CTO Mark J. Barrenechea. “The Covisint platform underscores our commitment to enabling our customers to be digital leaders and unlocking the value of their information through automation, analytics, and artificial intelligence. We are pleased to welcome Covisint customers, partners, and employees to OpenText today.”
The aggregate purchase price for the acquisition was approximately U.S. $103 million, and the transaction was funded with cash on hand. A market and financial update will be provided during the OpenText fourth quarter fiscal year 2017 financial results call on August 3, 2017.
OpenText enables the digital world, creating a better way for organizations to work with information, on premises or in the cloud. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com.