News Summary

OpenText, a Kitchener-Waterloo-based cloud information management company, reported steady Q3 revenue and increased profits as Ayman Antoun steps in as the new CEO. The company is undergoing a three-year business optimization plan which included recent layoffs and selling off non-core businesses to focus on its core offerings such as cybersecurity and AI services. OpenText’s cloud business saw a 6.6% growth in Q3, contributing to the company’s total revenue of $1.28 billion USD. Antoun, who joined in late April, aims to strengthen go-to-market execution and deepen business relationships. The company serves more than 31 million public cloud users and 120,000 enterprise clients globally.