Briefing

OpenText incurs US$65.5-million quarterly net loss following IRS settlement

On an earnings call, chief executive Mark Barrenechea said he was happy to be able to move on from a dispute with the U.S. Internal Revenue Service, which resulted in an US$830-million claim after the Waterloo, Ont.-based software provider moved ownership of its intellectual property from the U.S. to Luxembourg. OpenText took a $299-million charge as a result of the settlement last year, resulting in the loss. (The Canadian Press)

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