Skip to Content

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

Inside The HP Discover 2015 ConferenceInside The HP Discover 2015 Conference
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 ImagesDavid Paul Morris — Bloomberg via Getty Images

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.

Get Data Sheet, Fortune’s technology newsletter.

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%.