Artificial Intelligence

OpenText Adds Allstate Identity Protection to Webroot® Helps Protect People's Digital Lives

New partnership aims to keep consumers safe by protecting devices, identities, and privacy

OpenText™ (NASDAQ: OTEX), (TSX: OTEX), has partnered with Allstate Identity Protection (AIP) to offer identity protection services to Webroot customers to further protect consumers from evolving cyber threats by shielding their devices, identities and private information. Webroot protects computers, laptops, tablets, smartphones and other digital devices from threats like malware, ransomware, phishing and more. AIP safeguards personal information and the data people share online. The combined offering provides consumers with exceptional multi-layer protection for their digital life.

OpenText logo (PRNewsfoto/Open Text Corporation) (PRNewsfoto/Open Text Corporation)

"Increased online shopping during the holidays puts people at greater risk of identity theft and credit card fraud," says Lewis Bertolucci, Vice President of Product, AIP. "Working in lockstep with Webroot behind the scenes, we hope to put shoppers' minds at ease so they can focus on family and loved ones this holiday season and beyond."

Roughly 2.14 billion people shop online 1 . By 2024, the number of online banking users is predicted to exceed 3.6 billion globally 2 . The internet has opened a gateway for criminals to access bank accounts, install malicious software, and steal identities to commit fraud. With the growing popularity of social media, additional purchase opportunities (through TikTok, Instagram and Facebook) further increase the likelihood of exposure to cyber criminals.

"Cyber criminals have become experts in the art of deception, making it increasingly difficult for people to tell the difference between legitimate sites or emails from those that are fake," says Prentiss Donohue , Executive Vice President, OpenText Security Solutions. "Whether unknowingly shopping on an unsecure website or clicking on a malicious link, some things are out of a consumer's control. AIP is an important addition to Webroot that extends consumer protection beyond devices to include identity and privacy in the event the uncontrollable happens."

Webroot Premium with AIP includes anti-virus protection for up to five devices, identity protection for one individual with up to $500,000 in fraud expense reimbursement*, up to $50,000 in stolen funds reimbursement*, plus a password manager and secure browser for privacy. Additional benefits include:

Device protection:

  • Real-time anti-phishing, malware, ransomware protection against emerging threats
  • Lightning-fast scans without interruption
  • Proactive alerts with firewall and network connection monitoring
  • Protects account logins and passwords
  • Cleans devices and improves performance

Identity protection:

  • Dark web monitoring
  • Credit monitoring (one bureau)
  • Financial monitoring including account takeover alerts
  • Identity monitoring with identity health status updates
  • 24/7 U.S.-based identity restoration

Privacy protection:

  • Secure browser with alerts to malicious sites and apps
  • Password manager
  • Deletes traces of online activity

Webroot Premium with Allstate Identity Protection is available immediately. Allstate Identity Protection is also offered as an add-on to existing Webroot subscriptions. To learn more, visit Webroot Premium with Allstate Identity Protection .

*Allstate Identity Protection Legal Disclaimer
Identity theft insurance covering expense and stolen funds reimbursement is underwritten by American Bankers Insurance Company of Florida , an Assurant company. The description herein is a summary and intended for informational purposes only and does not include all terms, conditions, and exclusions of the policies described. Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions. Product may be updated or modified. Certain features require additional activation.

About OpenText
OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, powered by OpenText Cloud Editions. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com .

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Certain statements in this press release may contain words 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.

Copyright © 2022 OpenText. All Rights Reserved. Trademarks owned by OpenText. One or more patents may cover this product(s). For more information, please visit https://www.opentext.com/patents .

1 Online Shopping Statistics: Ecommerce Trends for 2022, Tidio
2 Top 10 Online Banking Statistics & Facts for 2022, MoneyTransfers.com

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SOURCE Open Text Corporation

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OTEX:CA

OpenText Buys Micro Focus

OpenText™ (NASDAQ: OTEX), (TSX: OTEX) announced today that it has closed the previously announced acquisition (the "Acquisition") of Micro Focus International plc ("Micro Focus"), a leading provider of mission-critical software technology and services that help customers accelerate digital transformation.

OpenText logo (PRNewsfoto/Open Text Corporation) (PRNewsfoto/Open Text Corporation)

"I would like to welcome Micro Focus customers, partners and employees to OpenText," said OpenText CEO & CTO Mark J. Barrenechea . "Digital life is life, and with Micro Focus' great products and talent, we will help organizations of all sizes accelerate their digital transformation."

Barrenechea further added, "With this acquisition, OpenText's corporate mission expands to help enterprise professionals secure their operations, gain more insight into their information, and better manage an increasingly hybrid and complex digital fabric with a new generation of tools that include Cybersecurity, Digital Operations Management, Applications Modernization & Delivery and AI & Analytics. This new generation of Information Management software will help organizations accelerate their digital transformation and drive growth while reducing costs."

Preliminary Financial Overview

Further information on our financial performance, as well as updated models, will be provided when OpenText reports its second quarter Fiscal 2023 financial & business results on February 2, 2023 .

Closing Terms of the Acquisition

  • Total purchase price of approximately $5.8 billion , inclusive of Micro Focus' cash and debt, subject to final adjustments
  • Total purchase price is 2.3x Micro Focus' TTM revenues (1)
  • Total purchase price is 6.7x Micro Focus' TTM adjusted EBITDA (2)
  • Immediately accretive to F'23 adjusted EBITDA dollars
  • Expected to be on the OpenText operating model within 6 full quarters or sooner
  • Net leverage (3) expected to be less than 3x within 8 full quarters or sooner
  • Consistent with previously announced cost synergies of $400 million , expect to balance the combined company through an approximate 8% workforce reduction due to the acquisition of Micro Focus

"We have a structured and disciplined approach to M&A. The last six months of planning has led us to a defined integration plan to deliver on our committed outcomes. We are ready and excited about winning the Information Management market, strong customer outcomes, and company growth and expanded cash flows," concluded Barrenechea.

About OpenText

OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, powered by OpenText Cloud Editions. 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 focus of Open Text Corporation ("OpenText" or "the Company") in our fiscal year ending June 30, 2023 (Fiscal 2023) on growth, future cloud growth and market share gains, future organic growth initiatives and deployment of capital, the associated benefits of the Acquisition, including the Acquisition being immediately accretive to adjusted EBITDA dollars, the expectation to be on the OpenText operating model and net leverage reduction, new platform and product offerings and associated benefits to customers, scaling OpenText, expected cost synergies, and other matters, which may contain words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "may", "could", "would", "might", "will" and variations of these words or similar expressions are considered forward-looking statements or information under applicable securities laws. In addition, any information or statements that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking, and based on our current expectations, forecasts and projections about the operating environment, economies and markets in which we operate. Forward-looking statements reflect our current estimates, beliefs and assumptions, which are based on management's perception of historic trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances, such as certain assumptions about the economy, as well as market, financial and operational assumptions. Management's estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and, as such, are subject to change. We can give no assurance that such estimates, beliefs and assumptions will prove to be correct. Such forward-looking statements involve known and unknown risks and uncertainties such as those relating to: all statements regarding the expected future financial position, results of operations, cash flows, dividends, financing plans, business strategy, budgets, capital expenditures, competitive positions, growth opportunities, plans and objectives of management, including any anticipated synergy benefits; our ability to integrate successfully Micro Focus' operations and programs, including incurring unanticipated costs, delays or difficulties;  duration and severity of the COVID-19 pandemic, including any new strains or resurgence; and our ability to develop, protect and maintain our intellectual property and proprietary technology and to operate without infringing on the proprietary rights of others. For additional information with respect to risks and other factors which could occur, see the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the Securities and Exchange Commission (SEC) and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

This press release include certain "non-GAAP measures." Please refer to the Company's "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within the Company's current and historical filings on Forms 10-Q, 10-K and 8-K for more information on the use of non-GAAP measures by the Company.

Copyright © 2023 OpenText. All Rights Reserved. Trademarks owned by OpenText. One or more patents may cover this product(s). For more information, please visit https://www.opentext.com/patents .

Note: All dollar amounts in this press release are in US dollars unless otherwise indicated.

(1)

TTM revenue represents Micro Focus' unaudited revenue for the twelve months ended October 31, 2022, excluding Digital Safe revenue, based on IFRS standards.

(2)

TTM adjusted EBITDA is a non-IFRS financial measure and represents Micro Focus' unaudited adjusted EBITDA for the twelve months ended October 31, 2022, excluding Digital Safe.

(3)

Consolidated Net Leverage Ratio (pro forma) is calculated using bank covenant methodology.


OTEX-MNA

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SOURCE Open Text Corporation

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