OpenText (news, site), generally speaking, has had a good year, but the release of results this week that shows a 12% rise in profits for the fourth quarter may make it a tad uncomfortable.

That is, it has made analysts uncomfortable in that it missed estimates causing share prices to fall over 7% in after-hours trade.

However, for the company itself, this will probably be seen as little more than a hiccup in a performance that has been good overall for the year.

The Ontario-based company in the figures released today (Thursday) showed that it made US$ 79.6 million from licensing -- a measure of future demand -- up from US$ 61.5 million for the same quarter last year (16%), but below all but one of nine analysts polled by the Reuters news agency.

However, OpenText says it is happy with revenues and profits, and is expecting better results to come in future quarters with the help of two recent acquisitions.

Fiscal 2011 was a strong year for both revenue and profits. With a 30% year-over-year increase in adjusted earnings per share, OpenText delivered strong value to its shareholders… With the addition of leading Business Process Management (BPM) products, OpenText is focused on distributing its integrated product suite to an even larger global market,” said John Shackleton, President and Chief Executive Officer, OpenText.

OpenText Global 360

And here is the real crux of the figures this time around. OpenText, in the past six months, has acquired two companies that it now expects to turn into earnings by the end of the new quarter.

The problem -- figures wise -- is that, as yet, neither technology have been incorporated into the OpenText portfolio, but once they do, they should start providing the kind of figures that the bean counters will be happy with.

This is particularly true of its most recent acquisition, Global 360, which will beef up its case management abilities.

Open Text paid about US$ 260 million to buy it in July and said at the time that the purchase would  have no impact on its Q4 figures.

But the future importance of this acquisition cannot be overestimated. It should make OpenText a leader in one of the big growth areas in content-related technologies, dynamic case management, or adaptive "adaptive" case management.

At the time of the acquisition, Eugene Roman, Chief Technology Officer, OpenText said:

The major, case-based operations in large organizations are heavily dependent on content and process management, for example, loan processing, complaint management, claims processing and customer on-boarding. All of these solutions can benefit from dynamic case management, which more effectively combines content, processes and collaboration…Dynamic case management is the kind of technology customers are moving to and it ties together the strengths we're building in our ECM and BPM portfolios.

OpenText, Metastorm

OpenText also bought BPM provider Metastorm, which it acquired in March. Metastorm cost OpenText US$ 182 million and closed the deal at the end of March.

It gave OpenText a more substantial new customer base, but looked more like a move to extend the functionality of its ECM.

At the time of the buy Metastorm had been steadily growing its company and products particularly its business management process software, which slipped into last year’s Gartner's "Cool" BPM vendor list.

And this is where CEO John Shackleton is coming from. Ok, so OpenText didn’t meet financial analysts' predictions, but it did report a considerable rise in profits and now has two major acquisitions under its belt, the impact of which we should see over the next six months.