OpenText to Acquire Covisint

WATERLOO, Ontario, June 5, 2017 — (PRNewswire) —   OpenText™ (NASDAQ: OTEX) (TSX: OTEX), a global leader in Enterprise Information Management (EIM), announced today that it has entered into a definitive agreement to acquire Covisint Corporation (NASDAQ: COVS), the leading Cloud platform for building Identity, Automotive, and Internet of Things (IoT) applications.   

OpenText logo. (PRNewsFoto/OpenText)

The acquisition is expected to deepen OpenText's EIM offering with a cloud-based IoT platform-as-a-service and expand OpenText's presence in the Automotive industry through strong customer relationships and strategic partnerships for supply chain collaboration.  Covisint will be integrated into the OpenText Business Network, a portfolio of cloud solutions and software that facilitates efficient, secure, and compliant information flows between organizations.

Terms of the Agreement
The transaction purchase price of $2.45 per share is approximately $103 million of market value, or $75 million of enterprise value.  OpenText intends to fund the transaction with cash on hand.  The transaction is expected to close in the third quarter of calendar 2017 and is subject to customary closing conditions, including approval by shareholders of Covisint. (1)

About OpenText 
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

Cautionary Statement Regarding Forward-Looking Statements Certain statements in this press release, including statements regarding OpenText's plans, objectives, expectations and intentions relating to the acquisition, the acquisition's expected contribution to OpenText's results, financing and closing of the acquisition, as well as the expected timing and benefits of the acquisition and preservation of credit ratings, may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors, which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 

Copyright ©2017 Open Text. OpenText is a trademark or registered trademark of Open Text. The list of trademarks is not exhaustive of other trademarks. Registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text. All rights reserved. For more information, visit:

Notes:  (1) All dollar amounts in this press release are in US dollars unless otherwise indicated. 

To view the original version on PR Newswire, visit:

SOURCE Open Text Corporation

Open Text Corporation
Covisint Corporation
Further information: Greg Secord, Vice President, Investor Relations, Open Text Corporation, San Mateo, CA: (415) 963-0825
Email Contact or Kasey Holman, Vice President, Corporate Communications, Open Text Corporation, San Mateo, CA: (650) 302-4191
Email Contact

Review Article
  • Great April 08, 2021
    Reviewed by 'Harry Jesopn'
    I had no clue about OpenText prior to perusing this article and furthermore prior to watching this stunning web recording of these astonishing individuals. Well, it is easy to Update ACE Drivers online through this trusted website because you need to do it before it gets too late.

      Was this review helpful to you?   (Report this review as inappropriate)

  • Education March 06, 2021
    Reviewed by 'James Hwone'
    I had no idea about OpenText before reading this article and also before watching this amazing podcast of these amazing people. Here are my perfect words reviews that everyone should read before hiring an online writer for assistance in essays. They have explained some of the awesome features of the OpenText which can be used in a number of ways.

      Was this review helpful to you?   (Report this review as inappropriate)

For more discussions, follow this link …
SolidCAM - See for yourself

Featured Video
Product Design Engineer - Softgoods for Apple Inc at Cupertino, California
Service Software Expert-CATIA & CAA for Dassault Systemes at Shanghai, China
Mechanical Engineer for Deeter Foundry at Lincoln, Nebraska
Director, Industrial Machinery Solutions- SISW PLM for Siemens AG at Livonia, Michigan
Engineer IV for State of Nebraska at Lincoln, California
US-Based Geospatial Software Sales Representative for Kongsberg Geospatial at Ottawa, Any State in the USA
Upcoming Events
RAPID + TCT at McCormick Place Chicago IL - Sep 13 - 15, 2021
WESTEC Online at Online CA - Sep 21 - 23, 2021
3D Collaboration & Interoperability Congress at Golden CO - Feb 21 - 24, 2022
Kenesto: 30 day trial

© 2021 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise