The all-cash purchase of the secure file-exchange and communications firm will give OpenText access to XMedius’s customers, who’ve made over 50,000 installs of the app, and its employees, of which there are 230, according to LinkedIn. XMedius generates about $40 million in annual revenue; OpenText expects that to drop by up to 20 per cent in the first year post-acquisition. (The Logic)
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The all-cash purchase of the secure file-exchange and communications firm will give OpenText access to XMedius’s customers, who’ve made over 50,000 installs of the app, and its employees, of which there are 230, according to LinkedIn. XMedius generates about $40 million in annual revenue; OpenText expects that to drop by up to 20 per cent in the first year post-acquisition. (The Logic)
Talking point: XMedius is the latest big acquisition for the Waterloo-based business software company. In November 2019, it announced the US$1.42-billion acquisition of Carbonite, a Boston-based data security firm. At the time, CEO Mark Barrenechea said the company had more capital to spend on future acquisitions. While OpenText posted better-than-expected financials in its last quarter, it took a US$34-million restructuring charge—a sign of possible layoffs on the horizon as it integrates its new acquisitions into its sprawling portfolio of business management software and cloud services.
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