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OpenText 1Q revenues rise

OpenText 1Q revenues rise

DOHA: Open Text Corporation (NASDAQ: OTEX) (TSX: OTC) announced today its financial results for the first quarter ended September 30, 2016.

“OpenText delivered nearly half a billion dollars in quarterly revenues, double digit cloud and license performance, our fastest start to a fiscal year in the company’s history.  We expect Fiscal 2017 to be a transformative year for OpenText as we strengthen our product offerings with innovation and acquisitions,” said OpenText CEO and CTO, Mark J. Barrenechea. “Our customers are responding well to our digital transformation products and we expect this to translate into double digit revenue growth for the entire year. Within the quarter, we achieved significant milestones with the closing of multiple acquisitions and expect to complete their integrations and improve operations by the end of the fiscal year.”

On September 12, 2016, OpenText entered into a definitive agreement to acquire Dell-EMC’s Enterprise Content Division (ECD Business), including Documentum.

“The acquisition of Dell-EMC’s ECD Business is progressing according to plan and we expect to close the transaction within an estimated 75 days. Once closed, we expect to strengthen our recurring revenues and correspondingly increase cash flow generation. We are excited about the opportunities which ECD Business brings, and I look forward to welcoming our new customers, employees, and partners to OpenText,” said Barrenechea.