OpenText plans to lay off 1,200 employees and add 800 positions to support growth and innovation plans

According to a July 3 filing by the company with the U.S. Securities and Exchange Commission, the business optimization plan is intended to strategically align the company's workforce to support its growth and innovation plans.

OpenText, which offers a range of cybersecurity, AI and other IT management solutions to MSPs, plans to lay off 1,200 employees and add 800 jobs as part of a business optimization plan to support its growth and innovation plans, it said in a July 3 filing with the U.S. Securities and Exchange Commission.

Overall, the business optimisation plan, aimed at strategically aligning the company's workforce, is expected to reduce headcount by 1.7% to around 23,000.

The business optimization plan is also expected to result in annual cost savings of approximately $200 million for the $4.5 billion MSP software giant.

At the same time, the company is reinvesting about $50 million annually into about 800 new jobs in sales, professional services and engineering.

In an email to CRN, an OpenText spokesperson said the business optimization plan is focused on placing the right roles in locations around the world that best suit the business.

The Ontario, Canada-based company said it expects to complete the plan during the first quarter of fiscal 2025, which began July 1.

Sean Wright, founder and president of Affinity Technology Partners, an OpenText MSP based in Brentwood, Tennessee, said he looks forward to OpenText's continued growth and innovation.

“They are showing stronger channel commitment than ever before. They are one of our top software partners and a key component of the security services we provide to our customers,” he said.

Wright said Affinity Technology Partners' Open Text revenues have grown 26 percent this year, primarily due to the strength of the partnership and the superior Open Text MSP software portfolio. They are part of the standard MSP portfolio that we rely on to protect our customers against cybersecurity threats, he said.

Open Text said in the filing that it will incur restructuring charges of approximately $60 million, which will be substantially recorded in the first quarter of fiscal 2025, with the majority of the charges expected to be paid in cash during the quarter.

The software company expects the plan, once fully implemented, to result in net savings of about $150 million in fiscal 2025, and it plans to provide more details as part of its fourth-quarter and fiscal 2024-end financial results, according to the filing.

For its most recent quarter ended March 31, Open Text reported that GAAP earnings per diluted share rose to 36 cents from 21 cents a share in the year-ago period, on revenue that rose 16% to $1.44 billion.

Companies that OpenText has acquired as it builds its comprehensive information management software portfolio include Micro Focus, Zix and Carbonite.

In May, OpenText acquired the Pillr managed detection and response platform from cybersecurity IT services company Novacoast.

According to a press release about the acquisition, combining Pillrs' MSSP-focused technology with OpenText's expertise will enable the company to deliver enhanced threat hunting, monitoring and response to customers today at a time when skills gaps, skills shortages and alert fatigue are creating a major need.

Open Text shares rose 46 cents, or 1.5 percent, to close at $31.10 on Wednesday.

Stephen Burke contributed to this story.

Sources 1/ https://Google.com/ 2/ https://www.crn.com/news/channel-news/2024/add-800-positions-to-support-growth-and-innovation-plans The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos