Open Text Corporation announced that it has successfully completed its previously announced divestiture of an on-premises solution, eDOCS, a part of its Analytics portfolio, to NetDocuments Software, Inc., for $163 Million in cash before taxes, fees and other adjustments.
“The closing of this transaction reinforces our strategic commitment to divest non-core assets as we continue to sharpen our focus on growing our core business to accelerate long-term value creation”, said Tom Jenkins, OpenText Executive Chairman of the Board and Chief Strategy Officer.
OpenText intends to use the net proceeds from the divestiture to reduce outstanding debt.
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