WATERLOO, ON, Feb. 2 /CNW/ - Open Text(TM) Corporation (NASDAQ: OTEX)
(TSX: OTC), today announced it has entered into an agreement and plan of merger to acquire Metastorm
Inc. through a merger of Metastorm with a subsidiary of OpenText.
Headquartered in Baltimore, Maryland, Metastorm is a provider of
Business Process Management (BPM), Business Process Analysis (BPA), and
Enterprise Architecture (EA) software for aligning strategy with
Based on the terms of the agreement, Metastorm stockholders will receive
$182 million in cash, subject to a customary indemnification holdback.
Stockholders representing a majority of the ownership of Metastorm have
signed conditional support agreements in support of the transaction.
"Metastorm will add complementary technology and expertise that enhances
our ECM solutions portfolio," said John Shackleton, President and Chief
Executive Officer of OpenText. "We look forward to welcoming its
employees and customers to OpenText."
"We are excited by the opportunity to join the OpenText team," said
Robert Farrell, Chairman and Chief Executive Officer of Metastorm.
"Combined with OpenText, Metastorm will be able to provide a broader
and deeper range of offerings to our customers, while leveraging the
strength and stability that comes with being part of a larger global
The transaction is expected to close in OpenText's third quarter ending
March 31st, 2011, and is subject to customary approvals and Metastorm stockholder
Oppenheimer & Co. advised Metastorm in the transaction.
Copyright © 2011 by Open Text Corporation. "OPENTEXT", "OPENTEXT
EVERYWHERE" and the "OPENTEXT ECM SUITE" are trademarks or registered
trademarks of OpenText Corporation in the United States of America,
Canada, the European Union and/or other countries. This list of
trademarks is not exhaustive. Other trademarks, registered trademarks,
product names, company names, brands and service names mentioned herein
are property of Open Text Corporation or other respective owners.
Open Text(TM) is the world's largest independent provider of Enterprise
Content Management software. The company's solutions manage information
for all types of business, compliance and industry requirements in
large companies, government agencies and professional service firms.
OpenText supports approximately 46,000 customers in 114 countries and
12 languages. For more information about OpenText, visit www.opentext.com.
With a focus on enterprise visibility, resource optimization, efficiency
and agility, Metastorm offers market-leading software for enterprise
and business architecture (EA), business process analysis (BPA), and
business process management (BPM). As an integrated product portfolio,
Metastorm Enterprise allows organizations to improve business results
by better aligning strategy with execution. By combining the power of
these three disciplines onto a common platform, Metastorm is helping
organizations worldwide focus on the right business improvements,
instill stronger governance, and accelerate time to value. For more
information and success stories on organizations powering strategic
advantage with Metastorm Enterprise, visit www.metastorm.com.
SOURCE Open Text Corporation
For further information:
Vice President, Investor Relations
Open Text Corporation
Director, Public Relations
Open Text Corporation
Christopher S. Desautelle
Chief Financial Officer