OpenText Reports Fourth Quarter and Fiscal Year 2017 Financial Results

Open Text (NASDAQ: OTEX, TSX: OTEX) has announced its financial results for the fourth quarter and fiscal year ended June 30, 2017.

As quoted in the press release:

“Fiscal 2017 was a transformational year for OpenText as we strengthened our product offerings with OpenText Release 16 and acquisitions.  OpenText delivered a record $2.29 billion in revenues and $728 million in Adjusted Operating Income, representing 26% and 18% in year-over-year growth, respectively,” said Mark J. Barrenechea, OpenText CEO & CTO. “Our Annual Recurring Revenues (Cloud Services & Subscriptions and Customer Support) grew 25% to $1.69 billion.”

“Strategic acquisitions and positive organic growth continue to be our leading growth drivers. Fiscal 2018 will be the first full year of benefit from acquisitions completed over the last 12 months and we expect growth in total revenue, annual recurring revenues, margin, and cash flow. As well, we will remain focused on operational excellence and disciplined capital allocation,” said Barrenechea.

Barrenechea concluded, “Our new corporate brand, “OpenText: The Information Company”, has been well received by our customers, partners and employees.  OpenText Enterprise Information Management (EIM) enables customers to digitize their processes and supply chains, incorporate more information through machines and unlock the value of that information with our new Artificial Intelligence (AI) platform, Magellan.  We support our customers operating in a hybrid world, deploying on-premises, in the OpenText Cloud, or in a cloud of their choice.”

Click here to read the full press release.

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