The Waterloo-based company said Zix’s cloud services for securing, encrypting and storing emails, targeted at small and medium-sized businesses, will complement OpenText’s existing information-management offerings. OpenText will pay US$8.50 a share in cash and assume Zix’s debt, valuing the total transaction at about US$860 million. (The Logic)

Talking point: OpenText bought cybersecurity company Carbonite in 2019 and said Monday it expects to cross-sell customers of both Carbonite’s and Zix’s products. In a call with analysts explaining the transaction, OpenText CEO Mark Barrenechea said the combination is meant to appeal to owners and managers in businesses that are vulnerable to cyberattacks, including phishing and malware, but don’t have the resources to staff their own cybersecurity departments. Zix said selling to OpenText followed a months-long strategic review prompted by a series of unsolicited offers. Shares in OpenText closed 0.69 per cent higher Monday.