WATERLOO, Oct. 2 /PRNewswire-FirstCall/ -- Open Text(TM) Corporation said today that the completion of its acquisition of Hummingbird solidifies its position as the world's largest independent provider of Enterprise Content Management (ECM) software. Under the Open Text name, the company combines the ECM expertise, the solutions and the partners to help customers solve the problems of managing information in large organizations.
"With today's acquisition, we are now positioned for long-term success," said John Shackleton, President and Chief Executive Officer of Open Text. "With the market consolidating, customers want an independent alternative. Our strategy is to be the ECM market's go-to independent leader."
Open Text is beginning to integrate the companies immediately but will release details of its integration plans within the next two weeks. Two key decisions have been made with the close: Hummingbird's RedDot Solutions will be maintained as part of a comprehensive Web content management strategy that will be unveiled next week. And Hummingbird Connectivity will continue as a distinct business focused on delivering its market-leading services. Open Text also said that it will introduce several new product initiatives over the next few weeks and a product roadmap in November at its LiveLinkUp Phoenix global user conference in Phoenix, Arizona.
Solutions, Partner Strategy
Open Text's ECM solutions expertise and strong partnerships are central to its strategy going forward. The combined company offers an expanded portfolio of solutions aimed at a wide range of vertical markets, including legal, financial services, energy, pharmaceuticals, retail, manufacturing, and media and entertainment. And Open Text is now one of the leading providers of ECM solutions to governments, with a large presence in the U.S., Canada, Germany and Australia. The focus on solutions is paired with strategic relationships Open Text has built over the last year with Microsoft, Oracle and SAP. Open Text is uniquely positioned to create ECM solutions that extend the capabilities offered by all three major enterprise software companies.
Customer Focus
As the companies are integrated, customers will be the top priority, according to Shackleton. "We are committed to maintaining a high level of customer service and support. Ongoing customer communication will be very important as we go through this transition and we are already reaching out to customers of both companies to communicate our plans."
Some immediate changes underway after the close include a rebranding initiative. Hummingbird will now operate under the Open Text name and the Hummingbird Enterprise product suite will be rebranded under the name Livelink ECM - eDocs. More information on the rebranding can be found at http://opentext.com/2/sol-products/sol-pro-edocs-products2.htm. The RedDot Solutions and Hummingbird Connectivity names will not change.
Open Text also announced that Hummingbird Chairman Fred Sorkin and Chief Executive Officer Barry Litwin have left the combined company. "Fred and Barry have built a great company in Hummingbird and have contributed much to the ECM market," said Shackleton. "They have played a key role sharing their insights as we've planned the integration of our companies. We wish them all the best in their future endeavors."
About Open Text
Open Text(TM) is the largest independent provider of Enterprise Content Management (ECM) solutions that bring together people, processes and information in global organizations. Today, the company supports approximately 20 million seats across 13,000 deployments in 114 countries and 12 languages worldwide. For more information on Open Text, go to: http://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 success of any of the Company's strategic initiatives, the integration of Hummingbird, future product development and branding, 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, risks involved in integrating Hummingbird, 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 (C) 2006 by Open Text Corporation. LIVELINK 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.
