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Open Text Announces Acquisition of OnTime Software Product Line from FTP Software

Open Text Announces Acquisition of OnTime Software Product Line from FTP Software

Chicago, IL – 1997-12-4 – Open Text Corporation (Nasdaq: OTEX) today announced that it has signed a purchase agreement to acquire the assets of Campbell Services (OnTime software) from FTP Software, Inc. (Nasdaq: FTPS) of North Andover, MA, for cash consideration of approximately US $6.7 million.

"The purchase of OnTime software begins our strategy of rapid growth through well-thought-out acquisitions," said Tom Jenkins, Chief Executive Officer, Open Text Corporation. "With the OnTime software operations, we saw a unique opportunity to merge enterprise-level group scheduling into our flagship product, Livelink Intranet."

"FTP Software is pleased that the OnTime group has been acquired by Open Text," said Doug Flood, Senior Vice President, FTP Software. "The OnTime group is a close strategic fit with Open Text's business strategy and core competencies. The sale of OnTime will complete FTP's plan to sell non-strategic businesses that had been discontinued in 1996."

"Both Livelink and OnTime customers will reap the benefits of this acquisition," said Brett Newbold, President of Open Text. "Open Text plans to fully support OnTime customers and will continue to enhance OnTime. We plan to invest in tight integration between Livelink Intranet and OnTime so that both Livelink and OnTime customers see tremendous value added to their original investments. In addition to strong enterprise group scheduling technology, OnTime brings a substantial user base which expands Open Text's installed base to over a million seats."

The next version of Livelink Intranet will emphasize enterprise-wide project collaboration more than ever, and group scheduling will only serve to enhance Livelink's already powerful capabilities.

"We are happy to be joining Open Text and pleased to have the opportunity to bring our enterprise-level strategies to collaborative software," said Anik Ganguly, President of OnTime. "We think OnTime and Livelink are a solid fit together."

The combined companies will employ nearly 400 people, with revenue for the last four quarters of approximately US $34 million. Open Text has offices in Waterloo, Ont.; Southfield, Mich.; Bannockburn, Ill.; San Mateo, Calif.; London, England; Amsterdam, Netherlands; and St. Gallen, Switzerland. It also has sales offices throughout North America.

About FTP Software

FTP Software, Inc. (Nasdaq: FTPS) provides open, secure and managed networked application connectivity products that enable users to easily access and share information, regardless of computer platform, operating system or location. With over 10 million installations, FTP Software is the 1996 worldwide market leader in network application suite technology, provides award-winning services and has more than a decade of experience and leadership in developing and integrating business applications for networks. FTP Software may be contacted at 978-685-3300 or at http://www.ftp.com.