Open Text Acquires Media Management Division of Corbis
Adds Digital Media Capabilities for Enterprise 2.0
Waterloo, ON - 2008-07-10 - Open Text Corporation (NASDAQ:OTEX) (TSX:OTC), a leading provider of Enterprise Content Management (ECM) software, today announced the acquisition of eMotion LLC from Corbis Corporation. The eMotion division will become part of Open Text s Artesia Digital Media Group.
The acquisition gives Open Text s Artesia Digital Media Group a broader portfolio of offerings for marketing departments and advertising agencies, adding capabilities that complement its industry-leading enterprise marketing asset management solution, Artesia DAM. The move will extend Open Text s digital media capabilities as part of its Enterprise 2.0 strategy.
eMotion is the right fit at the right time to expand our Artesia Digital Media Group, our portfolio of solutions for marketing departments, and our team of content experts who can innovate with customers and leverage their growing libraries of video, images and other rich media content in a Web 2.0 world, said Scott Bowen, President of Open Text s Artesia Digital Media Group.
By joining a global leader in ECM and digital media solutions, our products become part of a comprehensive family of solutions that help organizations manage all of their business content, said Jon Schupp, Vice-President of Media Services at eMotion. We will continue our strong commitment to our customers and to delivering the most innovative solutions, now with the backing and broader range of capabilities from Open Text and the Artesia Digital Media Group.
Mr. Schupp is joining the Artesia Digital Media Group as Vice-President, Software Services.
eMotion is headquartered in Seattle and has a team based in Virginia. Open Text purchased the division for approximately $5 million, net of cash and assets, effective July 2, 2008. It is currently anticipated that the financial terms and future impact of the acquisition will not have a material effect on future financial results of Open Text.
eMotion serves more than 70 marketing-department customers, including some of the largest Fortune 500 companies, said Mr. Bowen. We will leverage the scale of Open Text, the expertise of the Artesia Digital Media Group, and the talented staff from eMotion to create compelling solutions for marketers. We re excited about adding the expert team at eMotion to our organization and augmenting it to meet growing customer demand.
The Artesia Digital Media Group at Open Text is already a leader in delivering media management solutions to marketing departments and advertising agencies. For more information on Artesia s position as a market leader go to: http://www.opentext.com/news/pr.html?id=1992.
Corbis is a leading visual media provider for the creative community, licensing the widest array of award-winning contemporary, historical and entertainment photography as well as extensive collections of acclaimed illustration and footage. Its imagery is seen everyday around the world in advertising, media, publishing and corporate communications. Corbis is headquartered in Seattle with 15 offices throughout North America, Europe, Asia and Australia that serve more than 50 countries worldwide. For more information, visit http://www.corbis.com.
About Open Text
Open Text, an enterprise software company and leader in enterprise content management, helps organizations manage and gain the true value of their business content. Open Text brings two decades of expertise supporting 46,000 customers and millions of users in 114 countries. Working with our customers and partners, we bring together leading Content Experts to help organizations capture and preserve corporate memory, increase brand equity, automate processes, mitigate risk, manage compliance and improve competitiveness. For more information, visit http://www.opentext.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This news release may contain forward-looking statements relating to the acquisition of eMotion LLC from Corbis Corporation, the success of any of the Company s strategic initiatives, the Company s growth and profitability prospects, the benefits of the Company s products to be realized by customers, the Company s position in the market and future opportunities therein, the deployment of Livelink and our other products by customers, and future performance of Open Text Corporation. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. Forward-looking statements in this release are not promises or guarantees and are subject to certain risks and uncertainties, and actual results may differ materially. The risks and uncertainties that may affect forward-looking statements include, among others, the failure to develop new products, risks involved in fluctuations in currency exchange rates, delays in purchasing decisions of customers, the completion and integration of acquisitions, the possibility of technical, logistical or planning issues in connection with deployments, the continuous commitment of the Company's customers, demand for the Company's products and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission (SEC), including the Form 10-K for the year ended June 30, 2007 You should not place undue reliance upon any such forward-looking statements, which are based on management's beliefs and opinions at the time the statements are made, and the Company does not undertake any obligations to update forward-looking statements should circumstances or management's beliefs or opinions change.
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