With $2-billion warchest, Open Text goes back on the hunt
Fresh off its biggest acquisition to date, business-software giant #OpenText Corp. is actively hunting for more deals, fuelled by a war chest of close to $2-billion (U.S). “We don’t see ourselves as capital constrained” to make further acquisitions following the January close of Open Text’s $1.62-billion purchase of the enterprise content division (ECD) of #DellTechnologies Inc., said Mark Barrenechea, chief executive officer of the Waterloo, Ont.-based company, in an interview. “The [deal] pipeline remains active and we are not slowing down in putting our capital to work. We’re looking at all styles, sizes and colours.” Mr. Barrenchea spoke following the release of disappointing third-quarter earnings on Monday. Open Text’s revenue of $593-million, earnings before interest, taxes, depreciation and amortization (EBITDA) of $189.2-million and earnings of 45 cents a share all fell short of analyst expectations.