Attendees look at servers on display during the HP Discover 2015 conference in Las Vegas, Nevada, U.S., on Tuesday, June 2, 2015. Photographer: David Paul Morris/Bloomberg via Getty Images
David Paul Morris — Bloomberg via Getty Images
By Reuters
June 20, 2016

Canadian business software maker OpenText said it would buy HP Inc’s customer management software business for $315 million.

The business is expected to generate between $110 million and $125 million of annualized revenue and immediately add to earnings, OpenText said on Monday.

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The deal comes two months after Open Text bought a set of content management software tools from HP (hpq) for about $170 million.

OpenText, one of Canada’s largest software companies, makes products used by businesses to manage large volumes of content.

HP Inc houses the former Hewlett-Packard Co’s legacy hardware business. The company has been cutting jobs as part of a restructuring program as it looks to rein in costs.

To hear what HP Inc’s CEO has to say about the company split, watch:

OpenText’s shares were up about 2% at CAD $76.64 in morning trading on the Toronto Stock Exchange on Monday.

Up to Friday’s close, OpenText’s shares had risen 44% over the last 12 months, while HP’s shares fell nearly 10%.


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