Open Text™ Corporation, a global leader in data management for enterprise AI, announced the completion of its divestiture of Vertica to Rocket Software Inc., a Bain Capital portfolio company, for US$150 million in cash before taxes, fees, and other adjustments.
"This transaction is consistent with our non-core divestiture strategy and our disciplined approach to capital allocation. The divestiture of Vertica demonstrates that commitment in action, allowing us to concentrate investment in our core businesses,” Ayman Antoun, Chief Executive Officer, OpenText. “That is how we optimize to grow and deliver sustained value creation for our clients, partners, and shareholders."
OpenText intends to use the net proceeds from the divestiture to reduce outstanding debt. Under the terms of the agreement, the software, client contracts, and associated services and employees will be transferred to Rocket Software.
