Open Text further expands Livelink into financial services market

Collaborative knowledge management vendor appoints industry marketing director to strengthen vertical market focus

Chicago, IL - 1998-03-23 - -- Open Text Corporation (NASDAQ:OTEX), the leader in collaborative knowledge management solutions with its flagship product Livelink Intranet, today announced that it will be expanding its industry marketing initiative to include the financial services sector. The program is part of Open Text s enhanced vertical marketing campaign that will expand to other key sectors including telecommunications and high-tech manufacturing later this year.

As part of this new vertical marketing initiative, Praj Patel, formerly European Marketing Director, Open Text Corporation, has been appointed as Director, Industry Marketing. Patel will spearhead this program, reflecting Open Text s strong commitment to the financial services industry as well as other key sectors.

"Open Text has already established its enviable position in the financial services marketplace by winning the business of several world-class companies," said Praj Patel, Director, Industry Marketing, Open Text Corporation. "In fact, tens of thousands of users in more than 30 major financial services organizations worldwide are using Livelink today. The new industry focus will enable us to further expand our already impressive roster of leading financial services companies."

"We are seeing tremendous demand among global 2000 companies in the financial services market for knowledge management solutions," said David Yockelson, Vice President and Service Director, Advanced Information Management Strategies, META Group. "Market verticalization is a key strategy for success, and winning vendors clearly demonstrate their commitment to servicing market and customer-specific requirements."

Sales of Livelink Intranet have been strong across the financial services industry, particularly in the banking and insurance sectors, where Open Text has secured key customers in all three major financial centers New York, London and Zurich. Sales from prior quarters include: NationsBank, E.M.Warburg Pincus, John Hancock, Union Bank of Switzerland, Provident Financial Group, Reuters, Thompson Financial Services and many others.

Union Bank of Switzerland (UBS), for example, uses Livelink Intranet to automate the process of updating 20,000 Web pages globally. UBS employees electronically deposit information on the central Livelink server from different locations around the world, then use Livelink s workflow and project collaboration to share knowledge and manage the online publishing process.

"We chose Open Text because it s the market leader in Web-based knowledge management technology," said Peter Meier, World Wide Web Manager, Union Bank of Switzerland. "We were looking for a solution provider who has strategically targeted the Internet and intranet markets and is not only keeping up with, but leading the rapid changes that drive these markets."

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

Sarah Burns
High Road Communications
(416) 368-8348
sburns@highrd.com