Open Text closes sale of eDOCS for $163-million (U.S.)

Mr. Greg Secord reports OPENTEXT COMPLETES DIVESTITURE OF NON-CORE UNIT FOR $163 MILLION Open Text Corp. has successfully completed its previously announced divestiture of an on-premise solution, eDOCS, a part of its analytics portfolio, to NetDocuments Software Inc., for $163-million in cash before taxes, fees and other adjustments. All dollar amounts in this news release are in U.S. dollars unless otherwise indicated. "The closing of this transaction reinforces our strategic commitment to divest non-core assets as we continue to sharpen our focus on growing our core business to accelerate long-term value creation," said Tom Jenkins, Open Text executive chairman of the board and chief strategy officer. Open Text intends to use the net proceeds from the divestiture to reduce outstanding debt. About Open Text Corp. Open Text is a global leader in secure information management for artificial intelligence (AI), helping organizations protect, govern and activate their data with confidence. The company's technologies turn data into information with context to form the knowledge base for AI. We seek Safe Harbor.