Open Text: Hold Rating Amid Strategic Transition and Market UncertaintiesWe attended OTEX’s user conference and analyst day where we spoke with customers, investors, and company leadership. As expected, no new financials were disclosed and the discussion focused on AI, cloud adoption, and data readiness. OTEX introduced several new AI-powered products including the AI Data Platform, Aviator Studio, Aviator AI Services, and more. Although OTEX is not forcing on-prem to cloud migrations, it is clearly leaning more into cloud, which was evident in this year’s customer conversations. We view the main overhangs on the stock as the appointment of a new CEO (expected this calendar year), timing of non-core asset divestitures, and clarity on revenue growth.