OpenText Enters Into Definitive Agreement to Acquire ABS Capital Portfolio Company Metastorm
WATERLOO, ON – February 2, 2010 – Open Text(TM) Corporation (NASDAQ: OTEX) (TSX: OTC), today announced it has entered into an agreement and plan of merger to acquire Metastorm Inc. through a merger of Metastorm with a subsidiary of OpenText.
Headquartered in Baltimore, Maryland, Metastorm is a provider of Business Process Management (BPM), Business Process Analysis (BPA), and Enterprise Architecture (EA) software for aligning strategy with execution.
“Metastorm will add complementary technology and expertise that enhances our ECM solutions portfolio,” said John Shackleton, President and Chief Executive Officer of OpenText. “We look forward to welcoming its employees and customers to OpenText.”
“We are excited by the opportunity to join the OpenText team,” said Robert Farrell, Chairman and Chief Executive Officer of Metastorm. “Combined with OpenText, Metastorm will be able to provide a broader and deeper range of offerings to our customers, while leveraging the strength and stability that comes with being part of a larger global organization.”
The transaction is expected to close in OpenText’s third quarter ending March 31st, 2011, and is subject to customary approvals and Metastorm stockholder consent.
Oppenheimer & Co. advised Metastorm in the transaction.
Open Text(TM) is the world’s largest independent provider of Enterprise Content Management software. The company’s solutions manage information for all types of business, compliance and industry requirements in large companies, government agencies and professional service firms. OpenText supports approximately 46,000 customers in 114 countries and 12 languages. For more information about OpenText, visit www.opentext.com.