OpenText was serious about its plans to make acquisitions.
Just a week after it announced it was selling off $600 million worth of senior debt notes to fund future acquisitions, OpenText dropped $163 million to acquire Recommind, an e-discovery and information analytics provider.
E-Discovery Meets EIM
Recommind provides a Software-as-a-Service (SaaS) platform and managed services solutions that include Axcelerate for e-discovery review and analysis, Perceptiv for contract analytics and Decisiv for enterprise-wide information access.
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OpenText officials said the e-discovery capabilities will complement their enterprise information management (EIM) solutions. Recommind will also expand OpenText's expertise in cloud and analytics.
Revenue Impact
Company officials said the Recommind solutions could generate between $70 million and $80 million of annualized revenues. The transaction is expected to close in the first quarter of fiscal 2017.
Officials at the Waterloo, Ontario-based OpenText told investors last week that the net proceeds of its senior debt notes sale would be used for “general corporate purposes, including potential future acquisitions.”
OpenText has always been transparent about its acquisition strategy. At the time OpenText acquired GXS for $1 billion in early 2014, it had made 48 acquisitions valued at $3.4 billion.
OpenText's Busy Spring
In April, HP sold OpenText its Customer Experience (CX) assets for $170 million, a deal which gave OpenText both HP employees and six key platforms"
- HP TeamSite, a multichannel digital experience management platform for web content management
- HP MediaBin, a digital asset management solution
- HP Qfiniti, a workforce optimization solution
- HP Explore, customer behavior analytics
- HP Aurasma, an augmented reality program
- HP Optimost, web testing, targeting, personalization
A few days before the HP deal, OpenText debuted Release 16, which includes Suite 16 and Cloud 16. The release is the final phase of the company's Blue Carbon Project, which was officially unveiled in November at Enterprise World 2015.
It also leaked word about its next phase of development, which centers on Project Banff. Slated to be officially launched at Enterprise World in Nashville this July, it will confirm OpenText’s move into areas such as machine learning, semantic analysis and text mining.
