Canadian business software maker OpenText (otex) said it agreed to buy Dell-EMC’s enterprise content division for $1.62 billion as it looks to expand its services to larger businesses.
The Dell-EMC enterprise content division (ECD) offers content management services for enterprises and generated about $599 million in revenue in 2015.
OpenText, one of Canada’s largest software companies, makes products used by enterprises to manage large volumes of content and it has been buying related businesses to boost its customer base.
OpenText said it expected its latest deal to close within 90 to 120 days and then immediately add to its earnings.
Barclays, which acted as a financial adviser, has provided a $1 billion debt commitment for the deal, OpenText said.