Waterloo's OpenText to buy cloud-focused Carbonite Inc. for $1.42 billion

Open Text to Buy Data Firm Carbonite in $800 Million Deal

Open Text to Buy Data Firm Carbonite in $800 Million Deal

"We still have more capital to deploy with the right deal", OpenText's CEO Mark Barrenechea told BNN Bloomberg's Jon Erlichman in an interview Monday from Silicon Valley.

Amy DeCarlo, GlobalData's principal analyst of security and data-center services, tells us that with its Webroot acquisition earlier this year, Carbonite expanded its backup and recovery focus to include endpoint protection. Carbonite will deliver 300,000 SMB customers and 7 million prosumers to OpenText. Ladenburg Thalmann Financial Services Inc.'s holdings in Carbonite were worth $267,000 at the end of the most recent quarter.

Speaking to investment analysts, Barrenechea said it will likely take around 18 months to fully integrate the company into OpenText.

"We're impressed with the talent and employees", Barrenechea said. In 2017, it acquired Dell Technologies Inc.'s enterprise content division for $1.6 billion.

OpenText shares were up $2.04, or 3.71 per cent, to $57.01 on the Toronto Stock Exchange in midmorning trading.

"With an added SMB partner channel, it opens up the potential for OpenText to build a meaningful SMB revenue stream".

Max expected to resume commercial service in January: Boeing
That clear view of the limited steps remaining boosted Boeing stock to close at $366.96, up $16.41 or almost 4.7 percent. Federal Aviation Administration (FAA) must complete that audit before a key certification test flight can be scheduled.

"This places OpenText as a leading cloud consolidator". Finally, JMP Securities reduced their target price on shares of Carbonite to $28.00 and set an outperform rating for the company in a research note on Friday, July 26th.

"With the increase in cybercrime, growth in data, tighter regulations around data protection and digital transformation such as cloud and Internet of Things adoption, cybersecurity is at the forefront of everyone's agenda". "A lot of small companies don't want to deal with 10 different vendors", Ader said.

"Security needs to be job number one".

At the same time as reporting news of its acquisition, Carbonite also posted third-quarter results, reporting a net loss of $14 million, compared to net income of $0.6 million in the year-ago quarter. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 2.49.

The deal opens new growth avenues for the company.

For its portion, OpenText is seeking to expand by way of acquisition and organically. For the first nine months of 2019, the company has written off $24.74 billion in intangible assets.

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