Business software firm Open Text buys Montreal-based XMedius for $75 million | iNFOnews | Thompson-Okanagan's News Source

Current Conditions

Sunny
20.1°C

Business software firm Open Text buys Montreal-based XMedius for $75 million

OpenText CEO and CTO Mark Barrenechea speaks at the Open Government Partnership Global Summit in Ottawa on Wednesday, May 29, 2019. Business software company OpenText has acquired XMedius, a provider of secure file exchange and communication, for $75 million. THE CANADIAN PRESS/Justin Tang
March 09, 2020 - 6:29 AM

WATERLOO, Ont. - Business software company OpenText has acquired XMedius, a provider of secure file exchange and communication, for $75 million in cash.

Open Text chief executive Mark Barrenechea says the deal strengthens its secure information exchange, unified communications and digital fax business.

XMedius is based in Montreal and has offices in Seattle and Paris.

It has more than 20 million users and 50,000 installations around the world.

XMedius currently generates approximately $40 million annually in revenue.

OpenText says it expects revenue at XMedius to be down as much as 20 per cent in the first year due to customary purchase price accounting adjustments and integration activities.

This report by The Canadian Press was first published March 9, 2020.

Companies in this story: (TSX:OTEX)

News from © The Canadian Press, 2020
The Canadian Press

  • Popular kelowna News
View Site in: Desktop | Mobile