OpenText Sells Vertica for US$150 Million

By Ahmed Jamerson • Monday, May 11 16:17 • Permanent Link

OpenText completed the sale of Vertica to Rocket Software for US$150 million in cash, marking another step in its effort to shed non-core assets.

The company said it plans to use the net proceeds to reduce outstanding debt. The transaction covers software, client contracts, associated services and employees transferring to Rocket Software.

Chief Executive Ayman Antoun said the divestiture fits OpenText’s non-core asset strategy and its capital allocation approach, allowing the company to focus investment on its core businesses.

The release did not disclose any change in revenue, profit, or debt levels tied to the deal. The market has reacted to these announcements by moving the company's shares -1.07% to a price of $24.455. If you want to know more, read the company's complete 8-K report here.

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