OpenText appoints Steve Rai as new CFO effective October 6

WATERLOO, Ontario - OpenText Corporation (NASDAQ:OTEX), (TSX:OTEX), a technology company with a market capitalization of $9.3 billion and impressive gross profit margins of 76%, announced Wednesday the appointment of Steve Rai as Executive Vice President and Chief Financial Officer, effective October 6, 2025.

Rai brings over 30 years of global finance experience to the information management company. He most recently served as Chief Financial Officer at BlackBerry Limited and previously held senior finance positions at PMC-Sierra and PricewaterhouseCoopers LLP. According to InvestingPro data, he joins OpenText at a time when the company has demonstrated strong financial performance, with annual revenue of $5.2 billion and positive earnings forecasts for the coming year.

"Steve’s impressive background as a leader in finance and operations in the technology industry will help us drive our next phase of growth and strategic vision," said James McGourley, interim OpenText CEO, in a press release statement.

Rai holds a Bachelor of Business Administration degree with an accounting and finance major from Simon Fraser University and is a Certified Public Accountant through the American Institute of Certified Public Accountants in Illinois as well as a member of the Chartered Professional Accountants in British Columbia.

The new CFO will be based at the company’s headquarters in Waterloo, Ontario. He replaces Cosmin Balota, who has been serving as Interim CFO for the past two months and will return to his role as Chief Accounting Officer.

OpenText provides organizations with business AI, cloud, and technology solutions focused on information management. The company’s stock has shown remarkable momentum, with a 50% return over the past six months. InvestingPro analysis reveals 12 additional key insights about OpenText’s performance and future prospects, available in the comprehensive Pro Research Report, which transforms complex financial data into actionable intelligence for investors.

In other recent news, OpenText has launched Content Next, an AI-powered content management solution, in collaboration with Fiserv. This platform aims to assist financial institutions in streamlining operations by automating content workflows. Additionally, OpenText’s stock has been upgraded by both Scotiabank and National Bank Financial. Scotiabank upgraded the stock to Sector Outperform, highlighting the strength of OpenText’s Content Management business, which accounts for approximately 40% of the company’s revenue. National Bank Financial also upgraded OpenText to Outperform after discussions with the company’s Executive Chair and Chief Strategy Officer, Tom Jenkins.

RBC Capital has raised its price target for OpenText to $35, maintaining a Sector Perform rating. This adjustment reflects RBC’s belief in a potential upward valuation re-rating for OpenText shares. Furthermore, OpenText has expanded its collaboration with HPE by joining the HPE Unleash AI partner program. This partnership will integrate OpenText Aviator AI solutions with HPE’s enterprise AI platform to enhance AI adoption. These developments underscore OpenText’s ongoing efforts to strengthen its market position and technological capabilities.

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