OpenText lays off 1,200 employees as part of restructuring plan

Kitchener-Waterloo-based Open Text, a provider of enterprise information management solutions, plans to lay off 1,200 employees as part of a business optimization plan.

OpenText expects the job cuts will cost the company about $60 million.

Chief Executive Officer Marc Barrenetxea announced the cuts in a blog post on Wednesday as part of the unveiling of “OpenText 3.0,” a three-year strategic plan that outlines how the company is realigning its business priorities.

The blog further stated that OpenText plans to reinvest the savings from the 1,200 job cuts into creating 800 new positions across sales, professional services and engineering. It is unclear which business units are facing job cuts.

According to the blog post, to further support OpenText 3.0, the company today announced a business optimization plan focused on (1) putting the right talent in the right places, (2) funding growth and innovation, and (3) achieving these goals by improving productivity, reducing costs and increasing profits.

OpenText expects the job cuts will cost it about $60 million, but they will also reduce the company's annual expenses by $150 million.

Related: OpenText acquires solutions partner KineMatik

Barrenechea said the company's first decade was called OpenText 1.0, which focused on content management in on-premise software, and the next decade is called OpenText 2.0, which focuses on hybrid cloud information management, adding that the company's upcoming 3.0 version is about rethinking information through cloud, security and artificial intelligence.

OpenText has added leadership roles and reduced debt in recent months, announcing in April that it had appointed Todd Cione as president of OpenText worldwide sales and promoted Paul Duggan and Madhu Ranganathan to chief customer officer and chief financial officer, respectively.

The company also reduced debt by $2 billion in May after completing the $2.275 billion sale of its application modernization and connectivity (AMC) business to Waltham, Massachusetts-based Rocket Software. Open Text acquired the AMC business as a result of its January 2023 acquisition of British SaaS company Micro Focus for $5.8 billion, resulting in the layoff of 8% of its workforce.

Featured image courtesy of Wikimedia Commons.

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