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Open Text to buy some business assets from tech company HP for US$315 million
WATERLOO, Ont. – Open Text Corp. says it will pay US$315 million to acquire some of HP Inc.’s business assets.
The transaction includes HP Extream, HP Output Management, HP TeleForm and HP LiquidOffice — collectively used to manage customer communications.
Open Text (TSX:OTC) says the purchase will help it expand its range of customer communications management products and services.
It estimates that the acquired HP businesses will generate between US$110 million and US$125 million of annualized revenue.
The Waterloo, Ont., company is approaching the end of its 2016 financial year, which ends June 30. Revenue for the first nine months ended March 31 totalled US$1.34 billion and analyst estimates full-year revenue will be US$1.82 billion.
Open Text expects the sale to close in the first quarter of its 2017 financial year, which begins July 1.
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