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Open Text Acquires Government Solutions Specialist Momentum Systems
Acquisition Adds to Open Text’s Government Domain Expertise, Further Enhances Open Text’s Ability to Deliver High-Value, Repeatable Government Solutions
Chicago, IL - 2007-03-02 - Open Text™ Corporation (NASDAQ: OTEX, TSX: OTC), the largest independent provider of enterprise content management (ECM) software and solutions, today announced the acquisition of Momentum Systems, Inc., a privately held company that specializes in providing complex ECM solutions to U.S. government agencies. With the acquisition, Open Text expands its solutions expertise in the U.S. government market.
Open Text purchased Momentum Systems for $4 million, net of cash and liquid assets. The agreement was completed with an effective date of March 1, 2007. It is currently anticipated that the financial terms and future impact of this agreement will not have a material effect on future financial results of Open Text.
Established in 1993 and based in Arlington, Virginia, Momentum Systems has been a leading Open Text Global Alliance Partner in the U.S. government sector for more than 12 years. With an experienced staff of about 50 people located primarily in the Washington D.C. area, Momentum has had a successful track record of implementing and supporting Livelink ECM solutions across all levels of government, including at some of the U.S.’s largest federal agencies. The acquisition will not result in any material change to staff levels at either Momentum or at Open Text.
For more information on Momentum Systems, go to: www.momentumsystems.com/
About Open Text
Open Text™ is the world's largest independent provider of Enterprise Content Management software. The Company's solutions manage information for all types of business, compliance and industry requirements in the world's largest companies, government agencies and professional service firms. Open Text supports approximately 46,000 customers and millions of users in 114 countries and 12 languages. For more information about Open Text, visit 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 Momentum, 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, 2006. 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.
Copyright © 2007 by Open Text Corporation. LIVELINK ECM 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.
Open Text purchased Momentum Systems for $4 million, net of cash and liquid assets. The agreement was completed with an effective date of March 1, 2007. It is currently anticipated that the financial terms and future impact of this agreement will not have a material effect on future financial results of Open Text.
Established in 1993 and based in Arlington, Virginia, Momentum Systems has been a leading Open Text Global Alliance Partner in the U.S. government sector for more than 12 years. With an experienced staff of about 50 people located primarily in the Washington D.C. area, Momentum has had a successful track record of implementing and supporting Livelink ECM solutions across all levels of government, including at some of the U.S.’s largest federal agencies. The acquisition will not result in any material change to staff levels at either Momentum or at Open Text.
For more information on Momentum Systems, go to: www.momentumsystems.com/
About Open Text
Open Text™ is the world's largest independent provider of Enterprise Content Management software. The Company's solutions manage information for all types of business, compliance and industry requirements in the world's largest companies, government agencies and professional service firms. Open Text supports approximately 46,000 customers and millions of users in 114 countries and 12 languages. For more information about Open Text, visit 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 Momentum, 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, 2006. 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.
Copyright © 2007 by Open Text Corporation. LIVELINK ECM 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.
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