OpenText names Savinay Berry as new Chief Product Officer

WATERLOO, ON - OpenText™ (NASDAQ: OTEX), (TSX: OTEX), a global leader in information management, today announced the appointment of Savinay Berry as Executive Vice President & Chief Product Officer. Berry brings extensive experience in technology and engineering leadership from his previous role at Vonage, an Ericsson (BS:ERICAs) company, where he oversaw cloud applications, developer platforms, AI, and security.

In his new role, Berry will focus on driving product innovation and growth across OpenText's extensive portfolio, which includes content management, digital experience, business network, and more. Berry's appointment is part of the company's effort to harness the potential of AI and secure data management to provide customers with enterprise advantages.

"I am excited to rejoin OpenText at the time of significant change in our industry," said Berry. He emphasized the importance of helping customers manage their data securely and efficiently to leverage AI, thereby accelerating growth and efficiency.

Concurrently, Muhi Majzoub has transitioned to the role of EVP, Security Products, underscoring OpenText's commitment to the critical cybersecurity market.

OpenText CEO & CTO, Mark J. Barrenechea, expressed enthusiasm for Berry's return to the executive team and Majzoub's focus on security. Barrenechea highlighted the company's recent innovations with Titanium X, Cloud, and AI, which have positioned OpenText to deliver sustained value to customers.

OpenText, recognized as a leading information management software and services company with annual revenue of $5.61 billion, helps organizations tackle complex global issues with a comprehensive suite of Business Clouds, Business AI, and Business Technology. The company has maintained dividend payments for 12 consecutive years, demonstrating consistent shareholder returns. For detailed financial analysis and additional insights, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US equities.

The press release noted that certain statements might be forward-looking and subject to risks, uncertainties, and assumptions. It cautioned readers against placing undue reliance on these statements, which are only valid as of the date made. OpenText disclaims any intention to update or revise any forward-looking statements unless required by law. The announcement is based on a press release statement from OpenText.

In other recent news, OpenText Corporation reported a 10% year-over-year increase in enterprise cloud bookings with revenues of $1.27 billion. Despite this, Scotiabank (TSX:BNS) and RBC Capital have downgraded the stock to a Sector Perform rating due to slower cloud growth, and Citi has also reduced its price target while maintaining a neutral rating.

OpenText has additionally announced the appointment of Fletcher Previn, a senior executive at Cisco Systems (NASDAQ:CSCO), to its board of directors. This move is part of OpenText's ongoing effort to diversify the skill sets of its directors and align with the company's strategic goals.

The company has also expanded its Partner Network following the acquisition of Micro Focus, a move expected to provide new growth opportunities for Global Distributors and Value Added Resellers. Furthermore, OpenText has launched a new Partner Enterprise Learning Subscription aimed at addressing skill gaps among its partners.

Despite the revisions by analysts, OpenText maintains a positive outlook for the second half of the fiscal year, supported by upcoming product releases, investments, and leadership changes. The company also plans to continue share buybacks, having repurchased 7.72 million shares. These are the recent developments in OpenText's business and financial landscape.

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