A Leading Provider of eDiscovery Solutions for the Legal Industry
WATERLOO, Ontario, Jan. 31, 2019 /CNW/ -- OpenText™ (NASDAQ: OTEX), (TSX: OTEX), a global leader in Enterprise Information Management (EIM), today announced it has acquired Catalyst Repository Systems, Inc. (Catalyst), a leading provider of eDiscovery solutions for corporate legal departments and top law firms.
"The joint strength of OpenText and Catalyst confirms our position as a leading provider of eDiscovery technology and combines a powerful set of solutions to help corporate legal departments and law firms seize the opportunities of automation, digital transformation, AI and machine learning," said Mark J. Barrenechea, OpenText CEO & CTO. "The legal industry is at an important crossroads and OpenText is a strategic choice for legal industry leaders, ensuring they can continue to offer compelling service, help their organizations navigate uncertain regulatory environments, and secure successful outcomes for their clients."
Catalyst will be integrated into OpenText's Discovery Solutions, helping customers further leverage their technology investments and benefit from OpenText's continued investments in innovation.
Barrenechea further added, "We welcome Catalyst's leading corporate and legal customers, partners and employees to the OpenText community. We are building the world's top legal technology platform and the Catalyst team and product further strengthen our portfolio and expertise."
The purchase price of the acquisition is approximately $75 million in an all-cash transaction. Further information for investors, including an overview presentation regarding Catalyst, can be found at: investors.opentext.com/mergers-and-acquisitions.
About OpenText OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, on premises or in the cloud. For more information about OpenText (NASDAQ: OTEX,TSX: OTEX) visit opentext.com.
Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information: Greg Secord, Vice President, Investor Relations, Open Text Corporation, (415) 963-0825, [email protected] or Ryan Hill, Senior Manager, Public Relations, Open Text Corporation, 416-524-6794, [email protected], https://www.opentext.com