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SEC filingOpen Text Corporation completed the divestiture of its non-core Vertica analytics platform to Rocket Software for US$150 million in cash, advancing its strategy to focus on core businesses and reduce debt.
The completion of the Vertica divestiture represents a key step in Open Text's strategy to shed non-core assets and streamline operations. Valued at US$150 million in cash before adjustments, the transaction provides immediate liquidity that the company plans to deploy toward debt reduction, potentially strengthening its balance sheet amid ongoing capital allocation discipline. CEO Ayman Antoun emphasized this move as exemplifying commitment to concentrating investments in core data management for enterprise AI, which could enhance focus and long-term shareholder value. The transfer of all associated software, contracts, services, and employees to Rocket Software, a Bain Capital portfolio company, ensures a clean exit without lingering operational ties.