Open Text Posts Record Profits for Third Quarter 2002

Q3 Adjusted EPS of $0.28, up 17% from Previous Quarter

Waterloo, ON - 2002-04-24 - Open Text Corporation (Nasdaq: OTEX) (TSE: OTC), a worldwide leader in collaboration and knowledge management (KM) solutions, today announced financial results for its third quarter ending March 31, 2002.(1)

Financial Highlights

Open Text reported record adjusted net income (2) for the third quarter of $6.0 million. Adjusted earnings per share (EPS) was $0.28 (diluted), up 17% from $0.24 in the previous quarter. Earnings were up $0.03 from the third quarter a year ago. Cash flow from operations for the quarter was $10 million, the highest level during any quarter in the Company's history. This achievement marks the 11th consecutive quarter of positive cash flow from operations.

Total revenue for the quarter was $36.8 million, down 6% from the previous quarter. Product related revenue was essentially flat quarter to quarter, while the decline due to Professional Sevices seasonality.

"With another quarter of strong earnings, we continue to operate the Company with a focus on profitability and excellent cash flow, despite the challenging market conditions," said Tom Jenkins, CEO of Open Text. "This performance is due to the continued recognition of our core product Livelink® for successfully improving organizational productivity and profitability, demonstrating a rapid return on investment for our customers."

Accounts receivable as of March 31st, 2002 was $29.8 million, resulting in days sales outstanding (DSO) of 73 days. As of March 31st, 2002, cash was $104.0 million or $5.16 per share.

The Company is comfortable with First Call consensus earnings guidance of $.98 EPS(2) for fiscal 2002, and $1.19 EPS(2) for fiscal 2003.

1. New Name Accounts Drive License Sales
   During the third quarter, new account revenue grew by 25%. Open Text's largest customers drove the financial results by continued enterprise-wide adoptions. New name accounts buying in the quarter include: Wells Fargo Bank, U.S. Dept of Energy and Ernst & Young.
   
   
2. Return on Investment and Continued Customer Satisfaction Drives Repeat Business.
   Livelink continues to enjoy strong momentum as Global 2000 companies implement collaboration and KM to reduce costs through more efficient utilization of their knowledge workers. Repeat customers buying in the quarter include: Bank of America, GE Aircraft, General Dynamics, Northrop Grumman and Sprint.
   
   
3. Global Growth Drives Results
   Revenue results were broadly based across North America, Europe and Asia. For the quarter, 59% of the Company's revenue originated from North America, 38% from Europe & the Middle East, and the remaining 3% from Asia.
   
   
4. LiveLinkUp Europe 2002 User Conference:
   The Company hosted LiveLinkUp Europe 2002, its first annual European user conference, in Paris from April 14th to 17th. With over 700 in attendance, Open Text customers highlighted successes in improving organizational productivity and profitability through the use of Livelink, Livelink MeetingZone, and related product solutions.
   
   "The LiveLinkUp conference itself is a business opportunity. The return on investment is realized by learning about news ideas, innovations and best practices that can be taken back to work and applied to improve time-to-market, profitability and market share," said Jason Rath, Livelink Administrator, Parsons Corporation.
   
   "LiveLinkUp plays a key role in helping evaluate the effectiveness of our current knowledge management solution, as well as helping to shape our strategies going forward," Frédéric Anterion, Directeur des Systèmes d'Informations Techniques et Réseaux, Saint-Gobain Isover.
   
   "Open Text's user conference delivers tangible business value and provides an excellent opportunity to meet and learn from other Livelink users," Dr. Helen (A.W.H.) Tubben, Web Developer, Atos Origin.
   
   Presenting customers at LiveLinkUp Europe 2002 included: ABN AMRO Bank, Banco Bilbao Vizcaya Argentaria (BBVA), Genzyme Corp, International Olympic Committee, Nike European Operations, Pfizer, Shell International, Siemens AG, Sinclair Knight Merz, and Vodacom.
   
   
5. Livelink MeetingZone experiences continued adoption
   Open Text considers MeetingZone to be the first practical meeting software that allows corporate users to meet over the internet using low bandwidth connections. The Company continues to see increased adoption rates for Livelink MeetingZone both from within the existing Livelink customer base and from new customer accounts.
   
   "With Livelink MeetingZone we once again prove product uniqueness and innovation, a tradition entrenched in our operations at Open Text," said Tom Jenkins, CEO of Open Text.
   
   Livelink MeetingZone allows users to further leverage an organization's investment in Livelink by conducting meetings on demand and in real-time from their existing Web browser. The product provides high quality interactions through the use of whiteboards, sharing of spreadsheets, live editing and authoring of documents within a group. Livelink MeetingZone integrates real-time collaboration with other Livelink functions, such as document management, records management and automated workflow tools.

Open Text invites the public to listen in on the Company's teleconference call discussing financial results for the third quarter of fiscal 2002 at 5:30 p.m. ET/2:30 p.m. PT on Wednesday, April 24th.

When:	Wednesday, April 24th, 2002 - 5:30 p.m. EST / 2:30 p.m. PT
Where:	416-640-1907

Please dial the above number approximately 10 minutes before the teleconference is scheduled to begin. The operator will take your name and connect your line with the meeting.

For more information and playback instructions: http://www.opentext.com/investor/investor_events/Q3-2002_Earnings_Call_Apr-24-2002.html.

(1) Reported under U.S. Generally Accepted Accounting Principles (GAAP). All amounts are in US Dollars.

(2) Adjusted net income: net income excluding amortization of acquired intangible assets, other income (expense), gain (loss) on investments and income tax on equity gain.

About Open Text

Since 1991, Open Text Corporation has delivered innovative software that brings people together to share knowledge, achieve excellence, deliver innovation, and enhance processes. Its legacy of innovation began with the successful deployment of the world's first search engine technology for the Internet. Today, as the leading global supplier of collaboration and knowledge management software for the enterprise, Open Text supports five million users across 4,500 corporations in 31 countries and 12 languages throughout the world. As a publicly traded company, Open Text manages and maximizes its resources and relationships to ensure the success of great minds working together. For more information, visit www.opentext.com.

Trademark

Copyright © 2002 by Open Text Corporation. LIVELINK and OPEN TEXT are trademarks or registered trademarks of Open Text Corporation in the United States of America, Canada, the European Union and/or other countries. This list of trademarks is not exhaustive. Other trademarks, registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text Corporation or other respective owners.

Release Disclaimer

This news release may contain forward-looking statements relating to the deployment of Livelink and Livelink MeetingZone by customers, and future performance of Open Text Corporation. Forward-looking statements are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties include, among others, risks involved in 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 and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission (SEC), including the final prospectus for the Company's initial public offering of common stock in January 1996, Form 10-K for the years ended June 30, 1996, June 30, 1997, June 30, 1998, June 30, 1999, June 30, 2000, and June 30, 2001, and Form 10-Q for the quarters ended September 30, 2001 and December 31, 2001. Forward-looking statements 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.

For more information, please contact

Alan Hoverd
Chief Financial Officer
Open Text Corporation
+1-519-888-7111 ext. 2480
ahoverd@opentext.com

Greg Secord
Open Text Corporation
+1-519-888-7111 ext.2408
gsecord@opentext.com