Open Text Corporation , "The Information Company," today announced that on December 21, 2020 the Company entered into a closing agreement with the U.S. Internal Revenue Service resolving all of the previously disclosed proposed adjustments to its taxable income for Fiscal 2010 and Fiscal 2012 . In connection with the IRS Settlement, against the IRS' total disputed claim value of approximately $830 million estimated ...

- Open Text Corporation (NASDAQ: OTEX), (TSX: OTEX), "The Information Company," today announced that on December 21, 2020 the Company entered into a closing agreement with the U.S. Internal Revenue Service (IRS) resolving all of the previously disclosed proposed adjustments to its taxable income for Fiscal 2010 and Fiscal 2012 (the "IRS Settlement").

In connection with the IRS Settlement, against the IRS' total disputed claim value of approximately $830 million , estimated as of December 31, 2020 and inclusive of proposed accrued interest at applicable statutory rates, OpenText will make aggregate payments of approximately $290 million to the IRS in U.S. federal taxes and interest. The IRS Settlement also eliminates approximately $90 million in future withholding taxes that OpenText had expected to pay over the next 10 years.

The Company expects the IRS Settlement to result in an approximately $290 million charge to GAAP-based net income (loss) for the second quarter of Fiscal 2021 ending December 31, 2020 , and the Company expects to make payments to the IRS of approximately $290 million in the third quarter of Fiscal 2021, ending March 31, 2021 .  In connection with the IRS Settlement, the Company also expects to make certain associated State tax and interest payments of approximately $10 million to $15 million throughout calendar 2021.

OpenText believes the IRS Settlement to be in the best interest of all stakeholders, as it closes all past, present and future items related to this matter. The IRS Settlement provides finality to this longstanding matter.

About OpenText

OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, on-premises or in the cloud. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release, including statements about the timing of payments in connection with the IRS Settlement, anticipated impact on financial results, associated State tax and interest payments, and other matters, may be considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the Company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

OTEX-F

For more information, please contact:

Harry E. Blount
Senior Vice President, Global Head of Investor Relations
Open Text Corporation
415-963-0825
investors@opentext.com

Copyright ©2020 Open Text. OpenText is a trademark or registered trademark of Open Text. The list of trademarks is not exhaustive of other trademarks. Registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text. All rights reserved. For more information, visit: http://www.opentext.com/who-we-are/copyright-information .

Cision View original content: http://www.prnewswire.com/news-releases/opentext-announces-irs-matter-settlement-301197508.html

SOURCE Open Text Corporation

News Provided by PR Newswire via QuoteMedia

OpenText Named one of Canada's Most Admired Corporate Cultures 2021

OpenText™ (NASDAQ: OTEX), (TSX: OTEX) has been recognized as one of Canada's Most Admired Corporate Cultures for 2021 by Waterstone Human Capital, Canada's leading cultural talent management firm. This national program recognizes best-in-class organizations across Canada who foster high-performance corporate cultures creating a critical advantage in a hyper-competitive market to attract and retain talent.

Keep reading... Show less
SoLVBL Solutions Grants Stock Options

SoLVBL Solutions Grants Stock Options

SoLVBL Solutions Inc. (CSE: SOLV) ("SoLVBL Solutions" or the "Company"), Kaiser Akbar President & Chief Executive Officer of SoLVBL Solutions reports that the Company's board of directors have approved the grant of options to purchase up to 4,425,000 common shares at an exercise price of $0.075 per share to employees, consultants, officers, and directors of the Company. The options were granted November 29, 2021, with 3,525,000 options vesting immediately and 900,000 vesting in equal 36-month instalments. All are valid until November 28, 2026.

About SoLVBL Solutions Inc.

Keep reading... Show less

OpenText Strengthens Security & Protection Cloud with Network Detection & Response

Acquisition of Bricata technology enables OpenText to extend threat detection and response to the network

OpenText™ (NASDAQ: OTEX), (TSX: OTEX) today announced the addition of next-generation Network Detection & Response (NDR) technology to the OpenText Security & Protection Cloud through the acquisition of Bricata .

Keep reading... Show less
SoLVBL Solutions Announces First Memorandum of Understanding  in the Financial Services Sector, with QuantGate Systems to Develop a Program for Data Security

SoLVBL Solutions Announces First Memorandum of Understanding in the Financial Services Sector, with QuantGate Systems to Develop a Program for Data Security

SoLVBL Solutions Inc. (CSE: SOLV) ("SoLVBL Solutions" or the "Company") is pleased to announce on November 21, 2021 it signed a Memorandum of Understanding ("MoU") with QuantGate Systems Inc. (OTCQB: QGSI) ("QuantGate"), an Artificial Intelligence ("AI"), Machine Learning ("ML") SaaS-based Fintech solutions provider, to develop a cyber security program to detect cyber-attacks and provide 247 data security to QuantGate's "Intelligence" platform. This is the first MOU signed by SOLV in the financial services sector, one of its priority client verticals. This first step will allow SOLV to further demonstrate its capabilities around data security and speed of transactions, which are two of Q by SoLVBL's key premises. The Company will continue to pursue opportunities with brokerages, banks and other entities in the financial services sector.

SoLVBL Solutions is at the forefront of developing cybersecurity solutions and advanced unique capabilities for providing customers with capabilities to protect and verify incoming data against a range of cyber threats.

Keep reading... Show less

OpenText Commences Tender Offer for Zix Corporation

- OpenText™ (NASDAQ: OTEX) (TSX: OTEX) announced today that it has commenced its previously announced tender offer for all outstanding shares of common stock of Zix Corporation (NASDAQ: ZIXI) at a price of U.S. $8.50 per share, through its subsidiary, Zeta Merger Sub Inc.  The tender offer is being made in connection with the Agreement and Plan of Merger, dated as of November 7, 2021 (the "Merger Agreement"), by and among OpenText, Zeta Merger Sub Inc. and Zix, which OpenText and Zix announced on November 8, 2021 .

The Zix board of directors has unanimously determined that the tender offer is advisable and fair to and in the best interests of Zix and its stockholders and unanimously resolved to recommend that the stockholders of Zix accept the tender offer and tender their shares pursuant to the tender offer.

Keep reading... Show less
SoLVBL Solutions Appoints Kaiser Akbar as Interim CEO and President

SoLVBL Solutions Appoints Kaiser Akbar as Interim CEO and President

SoLVBL Solutions Inc. (CSE: SOLV) ("SoLVBL Solutions" or the "Company") is pleased to announce that Kaiser Akbar has been appointed Interim CEO and President of the Company, replacing Raymond Pomroy. SoLVBL wishes to thank Raymond for his contribution to the Company and his distinguished 50 year career and wishes him all the best in his future endeavors.

Mr. Akbar has a broad background in law, public markets and corporate financing. His focus is on early-stage venture companies with potential for large growth, scalability and value creation. He has been on the board of a TSX Venture Exchange listed company, and on the board and management of several private companies. Most recently, Mr. Akbar was the Senior VP, General Counsel & Director of Simcoe Renewable Energy Corp., a privately-held renewable energy company, and between 2010 and 2016, he was the President of Advent Chemical Corp., a chemical manufacturing start-up. Mr. Akbar has an undergraduate and Master's degree in Economics from the University of Manitoba, and a law degree from Osgoode Hall Law School in 1997.

Keep reading... Show less

Top News

Related News