Open Text Corporation to raise $US36.5 Million

Waterloo, ON - 1998-03-13 - -- Open Text Corporation (NASDAQ OTEX) today announced that it has agreed, subject to regulatory approvals, to issue and sell special warrants exercisable for 1.75 million common shares. The Company has granted to the underwriters an option to acquire up to 250,000 special warrants on the same terms. The special warrants will be purchased by a syndicate of underwriters for an aggregate of $US36,487,500 or $US20.85 per special warrant, subject to certain conditions.

Closing of the transaction is expected on or about March 25, 1998. Upon exercise of the special warrants, 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 "1993 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