Open Text Corporation completes $US36.5 Million equity financing

Waterloo, ON - 1998-03-25 - -- Open Text Corporation (NASDAQ - OTEX) today announced that it has closed its offering of 1.75 million special warrants at $US20.85 per special warrant, for aggregate gross proceeds of $US36,487,500. The special warrants were purchased by Canadian institutional investors arranged by a syndicate of underwriters.

Each special warrant is exercisable without payment of additional consideration for one common share, provided that the Company obtains receipts for a final prospectus qualifying the common shares for resale in Canada within 90 days (or 120 days if the Company announces a material acquisition), or each special warrant will be exercisable for 1.07 common shares.

Upon exercise of the special warrants, assuming that each special warrant is exercised for one common share, the total number of common shares outstanding will be approximately 19.5 million.

The special warrants and the common shares issuable upon the exercise of the special warrants have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act"), or the securities laws of any state, and may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the 1933 Act) unless an exemption from registration is available. The underwriters will agree not to offer or sell the special warrants in the United States or to U.S. persons.

Release Disclaimer

This news release may contain forward-looking statements relating to the future performance of Open Text Corporation. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are 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 year ended June 30, 1997, and Form 10-Q for the quarters ended September 30, 1997, and December 31, 1997. Note to Editors: Livelink Pinstripe, Livelink 8, Livelink Search, Livelink Library, Livelink Workflow and Livelink Project Collaboration are trademarks of Open Text Corporation. All other trademarks are the property of their respective companies.

For more information, please contact

Margaret E. Dobbin
Director, Industry Analyst Relations
Open Text Corporation
+1-519-888-7111 ext.2410
mdobbin@opentext.com

Monta Kerr-Johnson
Account Director
High Road Communications
(416) 368-8348
mkerr@highrd.com