Waterloo, ON -- June 2 2016 Open Text Corporation (NASDAQ: OTEX) (TSX: OTC), a global leader in Enterprise Information Management, announced today that it has entered into a definitive agreement to acquire privately-held Recommind, Inc., a leading provider of eDiscovery, and information analytics. Recommind’s SaaS and managed services solutions include, Axcelerate for eDiscovery review and analysis, Perceptiv for contract analytics and Decisiv for enterprise-wide information access.
With this acquisition, Recommind's market-leading eDiscovery solution will complement OpenText’s own leading enterprise information management (EIM) solutions. In addition, this acquisition is expected to expand OpenText’s expertise in cloud and developing and using analytics to solve concrete and expensive business problems.
Terms of the Agreement
The transaction purchase price is approximately $163 million. The solutions being acquired are expected to generate between $70m and $80m of annualized revenues, be immediately accretive to earnings and be on the OpenText operating model within the first 12 months after closing. The transaction is expected to close in the first quarter of fiscal 2017 and is subject to customary regulatory approvals and closing conditions.
More information can be found at investors.opentext.com.
OpenText is the largest independent software provider of Enterprise Information Management (EIM). For more information please visit www.opentext.com .
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