Deal Timeline

Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.

The Rationale That Repeats.

Three patterns show up across OPEN TEXT's deal book — what the team buys, how it pays, and how it integrates. The patterns are the throughline; the deals below are the evidence.

01
Acquisition criteria
Consolidate the information-management stack.
OpenText has spent two decades rolling up enterprise content and information-management vendors — Hummingbird (2006), Vignette (2009), and ultimately Dell EMC's Enterprise Content Division including Documentum (2017). As CEO Mark J. Barrenechea put it on closing Documentum, the deal "extends our leadership in content services, information archives, key verticals, and the Cloud."
Hummingbird Ltd.CaptarisVignette CorporationStreamServe Inc.Metastorm Inc.
02
Capital deployment
Build a powerhouse SMB security platform.
Starting with the $1.4B Carbonite acquisition in 2019 — which itself carried the Webroot business — OpenText layered on Zix in 2021 to, in management's words, "create a powerhouse SMB platform for data protection, threat management, email security and compliance solutions," then bolted on network-detection (Bricata) and MDR (Pillr) tuck-ins.
Hummingbird Ltd.CaptarisVignette CorporationStreamServe Inc.Metastorm Inc.
03
Integration approach
Scale through transformational platform deals plus disciplined tuck-ins.
The $1.165B GXS deal expanded the cloud Business Network; the $5.8B Micro Focus acquisition — OpenText's largest — added cybersecurity, application modernization and IT operations, expanding the market opportunity to a stated $170 billion. Between the headline deals, OpenText absorbs annual sub-$300M tuck-ins (Metastorm, Recommind, Guidance, Liaison, Catalyst, XMedius) disclosed in its 10-K business-combination notes.
Hummingbird Ltd.CaptarisVignette CorporationStreamServe Inc.Metastorm Inc.

The Full Deal Book

22 acquisitions. Each entry carries the deal value, financing structure, target revenue, executive commentary, and the original SEC filing — the evidence behind the patterns above.

01 Hummingbird Ltd. · Toronto, Ontario, Canada $489M
Announced Aug 2006 Closed Oct 2006 all cash
document managementrecords managementlegal vertical ECMgovernment vertical ECM

Hummingbird was a Toronto-based provider of enterprise content management software with a historic presence in the legal and government verticals. OpenText acquired all outstanding common shares at US$27.85 per share by way of a statutory plan of arrangement. approximately US$489 million.

Why it was attractive
  • Strengthened ECM leadership in legal and government verticals
We are pleased to be taking this next step with Hummingbird and believe the acquisition will benefit the shareholders, customers, partners and employees of both companies.John Shackleton — President and CEO, Open Text
02 Captaris, Inc. · Bellevue, Washington, United States $131M
Announced Sep 2008 Closed Oct 2008 all cash
document capturedata capturefax and information deliverySAP/Oracle/Microsoft integration

Captaris was a Bellevue, Washington provider of software that automates document-centric processes, including document and data capture solutions converting paper to digital content. OpenText acquired it via merger for US$4.80 per share. approximately US$131 million.

Why it was attractive
  • Tighter integration with invoice-management solutions for SAP and Oracle
Captaris strengthens our position as the ECM market's independent leader and broadens the suite of solutions we offer that integrate with SAP, Microsoft and Oracle, our three strategic partners.John Shackleton — President and CEO, Open Text
03 Vignette Corporation · Austin, Texas, United States $310M
Announced May 2009 Closed Jul 2009 combination
web content managementweb experience managementonline brand managementportals

Vignette was an Austin, Texas provider of web experience and web content management software. Vignette shareholders received US$8.00 in cash plus 0.1447 of an OpenText common share per share, valuing the deal at approximately US$310 million.

Why it was attractive
  • Premium of approximately 74% above the 30-trading-day average closing price of Vignette's shares
Vignette's customers represent some of the world's most powerful online brands and we are excited about the opportunity to expand the relationship with these customers and partners.John Shackleton — President and CEO, Open Text
After a thorough evaluation of strategic and financial alternatives, the Vignette Board of Directors believes that today's announcement provides attractive value for our shareholders.Mike Aviles — President and CEO, Vignette
04 StreamServe Inc. · Burlington, Massachusetts, United States $70.5M
Closed Oct 2010 all cash
document output managementcustomer communications managemententerprise business communications

StreamServe, based in Burlington, Massachusetts, offered enterprise business communication solutions that help organizations process and deliver highly personalized documents in paper or electronic format.

Why it was attractive
  • Complementary document-output capabilities for the ECM suite
On October 27, 2010, we acquired StreamServe Inc., a software company based in Burlington, Massachusetts, for $70.5 million.Open Text FY11 10-K — Business description
05 Metastorm Inc. · Baltimore, Maryland, United States $182M
Closed Feb 2011 all cash
business process managementbusiness process analysisenterprise architecture

Metastorm, based in Baltimore, Maryland, provided Business Process Management (BPM), Business Process Analysis (BPA), and Enterprise Architecture (EA) software that helps enterprises align their strategies with execution.

Why it was attractive
  • Entry into the BPM market with complementary technology and expertise
On February 18, 2011, we acquired Metastorm Inc. for $182 million. Based in Baltimore, Maryland, Metastorm provides Business Process Management (BPM), Business Process Analysis (BPA), and Enterprise Architecture (EA) software.Open Text FY11 10-K — Business description
06 EasyLink Services International Corporation · Norcross, Georgia, United States $310M
Announced May 2012 Closed Jul 2012 all cash
cloud faxelectronic data interchangesupply-chain messagingB2B information exchange

EasyLink Services International Corporation provided cloud-based information exchange and supply-chain messaging services. OpenText acquired all of EasyLink's outstanding shares in an all-cash transaction valued at approximately $310 million, inclusive of EasyLink debt. approximately $310 million.

Why it was attractive
  • Expanded OpenText's cloud-based information exchange offerings
On July 2, 2012 Open Text Corporation issued a joint press release with EasyLink Services International Corporation announcing the acquisition of EasyLink by Open Text by way of a merger agreement.Open Text Form 8-K — Item 2.01, July 3, 2012
07 Cordys Holding B.V. · Putten, Netherlands $33.2M
Closed Aug 2013
BPM platformcase managementcloudmobilesocial

Cordys, based in Putten, the Netherlands, was a provider of BPM and case management solutions offered on one platform with cloud, mobile, and social capabilities.

Why it was attractive
  • Cloud
  • mobile and social BPM capabilities on a single platform
On August 15, 2013, we acquired Cordys Holding B.V. (Cordys), a leading provider of BPM and case management solutions, based in Putten, the Netherlands for $33.2 million.Open Text FY14 10-K — Business description
08 GXS Group, Inc. · Gaithersburg, Maryland, United States (global operations) $1.165B
Announced Nov 2013 Closed Jan 2014 combination
B2B cloud integrationGXS Trading Gridmanaged servicese-invoicingsupply-chain integration

GXS was a leader in business-to-business (B2B) cloud integration whose Trading Grid platform enabled more than 550,000 trading partners to integrate and manage business processes. Global HQ in Gaithersburg, MD. Total purchase price of $1.065 billion in cash plus 1,297,521 OpenText common shares.

Why it was attractive
  • Purchase price of 2.4x GXS fiscal year 2012 revenues
  • marquee customer base with over 50% of the Forbes Global 1000
Our combined cloud will now manage over 16 billion transactions per year, approximately 600,000 trading partners and 40,000 customers.Mark J. Barrenechea — CEO, OpenText
09 Actuate Corporation · San Francisco, California, United States $332.0M
Announced Dec 2014 Closed Jan 2015 all cash
personalized analyticsBIRT reportingdata visualizationembedded analytics

Actuate Corporation - The BIRT Company, based in San Francisco, was a leader in personalized analytics and insights. OpenText acquired all outstanding shares via a $6.60-per-share cash tender offer followed by a merger. $332.0 million (approximately $330 million equity value; ~$272 million enterprise value).

Why it was attractive
  • Added powerful analytics to OpenText's EIM portfolio
A newly formed, wholly-owned subsidiary of OpenText will commence a tender offer for all outstanding shares of Actuate for $6.60 per share in cash, for a total equity value of approximately $330 million.Open Text Ex 99.1 — December 5, 2014
10 Daegis Inc. · Texas, United States $23.3M
Closed Nov 2015 all cash
information governanceeDiscoverydata migrationarchiving

Daegis was a Texas-based global information governance, data migration solutions and development company. approximately $23.3 million.

Why it was attractive
  • Information governance and data migration capabilities
On November 23, 2015, we acquired Daegis Inc. (Daegis), a global information governance, data migration solutions and development company, based in Texas. Total consideration for Daegis was approximately $23.3 million.Open Text FY17 10-K — Business description
11 Recommind, Inc. · San Francisco, California, United States $170.1M
Closed Jul 2016 all cash
eDiscoverypredictive codinginformation analyticsmachine learning

Recommind, based in San Francisco, was a leading provider of eDiscovery and information analytics. approximately $170.1 million.

Why it was attractive
  • Machine-learning-driven eDiscovery and analytics
On July 20, 2016, we acquired Recommind, a leading provider of eDiscovery and information analytics, based in San Francisco, California, United States, for approximately $170.1 million.Open Text FY17 10-K — Business description
12 Dell EMC Enterprise Content Division (Documentum) · United States (global operations) $1.62B
Announced Sep 2016 Closed Jan 2017 all cash
Documentum ECMInfoArchiveLEAPinformation lifecycle managementvertical content solutions

OpenText acquired Dell EMC's Enterprise Content Division (ECD), including the Documentum, InfoArchive, and LEAP product families. The deal brought 5,000 marquee customers, 2,000 employees and over 300 partners with deep industry focus in healthcare, life sciences, and public sector. U.S. $1.62 billion.

Why it was attractive
  • Deep industry footprints in healthcare
  • life sciences
  • and public sector
  • substantial ECM and information-lifecycle portfolio
We are pleased to welcome 5,000 marquee customers, 2,000 employees and over 300 partners to OpenText. This acquisition extends our leadership in content services, information archives, key verticals, and the Cloud.Mark J. Barrenechea — CEO & CTO, OpenText
13 Covisint Corporation · Detroit, Michigan, United States $102.8M
Closed Jul 2017 all cash
IoT platformidentity managementB2B connectivitydevice management

Covisint provided a cloud-based platform for connecting and managing the Internet of Things (IoT), identity management, and B2B connectivity. approximately $102.8 million.

Why it was attractive
  • Cloud-based IoT and identity platform
On July 26, 2017, we acquired Covisint for approximately $102.8 million.Open Text FY18 10-K — Business description
14 Guidance Software, Inc. · Pasadena, California, United States $240.5M
Closed Sep 2017 all cash
digital forensicsendpoint investigationEnCaseincident responseeDiscovery

Guidance Software was a leading provider of forensic security solutions, including the EnCase digital forensics and endpoint investigation product family. approximately $240.5 million.

Why it was attractive
  • Established forensic-security and digital-investigation capabilities
On September 14, 2017, we acquired Guidance, a leading provider of forensic security solutions, for approximately $240.5 million.Open Text FY18 10-K — Business description
15 Hightail, Inc. · Campbell, California, United States $20.5M
Closed Feb 2018 all cash
cloud file sharingcreative collaborationcontent review

Hightail was a leading cloud service provider for file sharing and creative collaboration. approximately $20.5 million.

Why it was attractive
  • Complements and extends the EIM portfolio
On February 14, 2018, we acquired all of the equity interest in Hightail, a leading cloud service provider for file sharing and creative collaboration, for approximately $20.5 million in an all cash transaction.Open Text FY19 10-K — 2018 Acquisitions note
16 Liaison Technologies · Alpharetta, Georgia, United States $310.6M
Closed Dec 2018 all cash
data integrationapplication integrationmanaged file transferALLOY platform

Liaison Technologies provided cloud-based data integration and management solutions, including the ALLOY platform for application and data integration. approximately $310.6 million.

Why it was attractive
  • Cloud-based data and application integration capabilities
On December 17, 2018, we acquired Liaison for approximately $310.6 million.Open Text FY19 10-K — Business description
17 Catalyst Repository Systems Inc. · Denver, Colorado, United States $70.8M
Closed Jan 2019 all cash
cloud eDiscoverydocument reviewlegal holdpredictive analytics

Catalyst was a leading provider of eDiscovery that designs, develops and supports market-leading cloud eDiscovery software. approximately $70.8 million.

Why it was attractive
  • Market-leading cloud eDiscovery software
On January 31, 2019, we acquired all of the equity interest in Catalyst, a leading provider of eDiscovery, for approximately $70.8 million in an all cash transaction.Open Text FY19 10-K — Business description
18 Carbonite, Inc. · Boston, Massachusetts, United States $1.4B
Announced Nov 2019 Closed Dec 2019 all cash
cloud backupdisaster recoveryendpoint securitydata protectionWebroot threat intelligence

Carbonite was a provider of cloud-based subscription data protection, backup, disaster recovery and end-point security to small and medium-sized businesses and consumers. The acquisition (which itself included Webroot) opened a new SMB/prosumer route to market. Total consideration was $1.4 billion in cash.

Why it was attractive
  • Marquee SMB/prosumer channel
  • cloud backup and endpoint security at scale (including the Webroot business Carbonite had acquired in March 2019)
This acquisition will further strengthen OpenText as a leader in cloud platforms, complete end-point security and protection, and will open a new route to connect with customers, through Carbonite's marquee SMB/prosumer channel and products.Mark J. Barrenechea — CEO & CTO, OpenText
We are excited by the opportunity to bring forth exceptional leadership in operational execution and integration capabilities to Carbonite.Madhu Ranganathan — EVP & CFO, OpenText
19 XMedius · Montreal, Quebec, Canada $73.3M
Closed Mar 2020 all cash
secure file exchangeenterprise faxunified communications

XMedius was a provider of secure information exchange and unified communication solutions.

Why it was attractive
  • Complements Customer Experience Management and Business Network platforms
On March 9, 2020, we acquired all the equity interest in XMedius for $73.3 million in an all cash transaction. XMedius is a provider of secure information exchange and unified communication solutions.Open Text FY20 10-K — Acquisition of XMedius note
20 Zix Corporation · Dallas, Texas, United States $894.5M
Announced Nov 2021 Closed Dec 2021 all cash
email encryptionthreat protectionemail securitycomplianceMSP channel

Zix was a leader in SaaS-based email encryption, threat protection and compliance cloud solutions for small and medium-sized businesses, bringing approximately 5,600 managed service partners (MSPs) and a deeper Microsoft relationship.

Why it was attractive
  • Approximately 5
  • 600 MSPs and a deepened technology and go-to-market relationship with Microsoft
  • immediately accretive to adjusted EBITDA
We intend to integrate Carbonite, Webroot and Zix products to create a powerhouse SMB platform for data protection, threat management, email security and compliance solutions. Acquisitions of cloud growth assets like Zix highlights our commitment to our Total Growth strategy.Mark J. Barrenechea — CEO & CTO, OpenText
The acquisition of Carbonite in December 2019 and its successful integration has given us the confidence and readiness to expand even further into the SMB market.Madhu Ranganathan — EVP & CFO, OpenText
21 Bricata Inc. · Columbia, Maryland, United States $17.8M
Closed Nov 2021 all cash
network detection and responsethreat huntingnetwork security analytics

Bricata was a provider of network detection and response (NDR) security technology.

Why it was attractive
  • Network detection and response capabilities for the security portfolio
On November 24, 2021, we acquired all of the equity interest in Bricata Inc. (Bricata) for $17.8 million.Open Text FY22 10-K — Business description
22 Micro Focus International plc · Newbury, United Kingdom (global operations) $5.8B
Announced Aug 2022 Closed Jan 2023 all cash
cybersecurityapplication modernization and deliveryIT operations managementAI and analyticsCOBOL/mainframe tooling

Micro Focus was one of the world's largest software companies, serving thousands of organizations globally including many of the Fortune Global 500, with approximately $2.7 billion pro forma TTM revenue. OpenText acquired the entire issued share capital at 532 pence per share via a recommended all-cash offer under the UK Takeover Code, expanding into Cybersecurity, Application Modernization & Delivery, IT Operations Management, and AI & Analytics. approximately $5.8 billion (enterprise value ~$6.0 billion at announcement).

Why it was attractive
  • Total purchase price of 2.3x Micro Focus TTM revenues and 6.7x TTM adjusted EBITDA
  • immediately accretive to FY23 adjusted EBITDA dollars
  • expanded the addressable market opportunity to $170 billion
With this acquisition, OpenText's corporate mission expands to help enterprise professionals secure their operations, gain more insight into their information, and better manage an increasingly hybrid and complex digital fabric with a new generation of tools that include Cybersecurity, Digital Operations Management, Applications Modernization & Delivery and AI & Analytics.Mark J. Barrenechea — CEO & CTO, OpenText
I would like to welcome Micro Focus customers, partners and employees to OpenText. Digital life is life, and with Micro Focus' great products and talent, we will help organizations of all sizes accelerate their digital transformation.Mark J. Barrenechea — CEO & CTO, OpenText

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