Open Text announced that it has successfully completed its previously announced divestiture of an on-premise solution, eDOCS, a part of its Analytics portfolio, to NetDocuments Software, Inc., for $163M in cash before taxes, fees and other adjustments. OpenText (OTEX) intends to use the net proceeds from the divestiture to reduce outstanding debt. “The closing of this transaction reinforces our strategic commitment to divest non-core assets as we continue to sharpen our focus on growing our core business to accelerate long-term value creation,” said Tom Jenkins, OpenText Executive Chairman of the Board and Chief Strategy Officer.
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