This Canadian Software Maker Is Buying Some of HP Inc’s Assets for Millions
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.
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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%.