OpenText CEO Mark Barrenechea speaks at the Open Government Partnership Global Summit in Ottawa on May 29, 2019.Open Text Corp. will spend as much as US$34-million on restructuring as it integrates recently acquired U.S. security-software firm Carbonite Inc., but the Waterloo, Ont.-based company will not reveal how many employees will be affected.
“We like to plan thoughtfully, and integrate quickly, with companies we acquire,” he said by phone. The restructuring will cost between US$26-million and US$34-million, with anticipated annual savings of US$37-million to US$41-million after fiscal 2021, the company said.Open Text sells software to a variety of large businesses and government organizations. It reported revenue of US$781.8-million for the quarter, a 6-per-cent rise over the same period last year.
Source: News Formal (newsformal.com)
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