Artificial Intelligence

B uilding network detection and response capabilities into MAD Security's managed security service offering protects sensitive government data and provides greater protection and improved response times against cyber threats

Today, OpenText™ (NASDAQ: OTEX), (TSX: OTEX), a global leader in information management with an extensive security solution portfolio, announced a partnership between OpenText Network Detection & Response (NDR) technology and MAD Security . This joint solution from OpenText and MAD Security will empower customers to cut false positive security alerts significantly and protect sensitive government data against advanced cyber threats.

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

MAD Security, a managed security service provider (MSSP) that helps contractors and other small and medium sized enterprises detect potential breaches and prevent attackers from disrupting operations or exfiltrating data, knows firsthand that government contractors are a prime target for cyber-attacks, from phishing and social engineering to malware and ransomware. To strengthen its cybersecurity capabilities, MAD Security decided to augment its offering with NDR capabilities. The aim was to continuously monitor and analyze raw enterprise network traffic, creating a baseline of network behavior that would help analysts hunt down emerging threats faster.

"In the past, MAD Security has relied on an anomaly-based intrusion detection system to find indicators of compromise (IOCs). While this approach was effective for analyzing north-south traffic across small networks, it was a challenge to pinpoint IOCs across larger networks with significant volumes of east-west traffic," said Jeremy Conway , CEO at MAD Security. "If we could reduce the time our analysts spent drilling down into the data, we could accelerate our response and improve cost efficiency—ultimately providing a more competitive service. Working with OpenText, we can now detect and correlate events, investigate the data and notify the client in an average of just 6.5 minutes—less than half of SLA."

MAD Security selected OpenText NDR because of the level of visibility it provides. The company can now look beyond individual subsets of endpoint and log data to build up a clear picture of what happened and when during an attack—even if the network traffic is encrypted. MAD Security uses OpenText NDR to make sure remediation efforts are successful, for example, by monitoring for new IOCs during its cleanup effort to detect whether the attacker is changing tactics or switching to an alternate toolset.

An end-to-end network security platform, OpenText NDR simplifies network threat detection by combining smart packet capture (Smart PCAP) and rich network metadata generation, delivering a clear view of even the most complex networks. With OpenText NDR, MAD Security can gain insights faster than ever through deep packet inspection, behavioral anomaly detection, IOC matching, and AI-powered analytics.

"We are thrilled to be able to count MAD Security among our many incredible customers and are proud to see not just our solutions working for the organization but also be part of its growth and success," said Muhi Majzoub, Executive Vice President and Chief Product Officer at OpenText. "By supporting MAD Security with OpenText NDR, we were able to help the company achieve its growth target while keeping its analyst team lean."

To find out more, read the MAD Security success story here .

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 obligation 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 .

OTEX-G

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SOURCE Open Text Corporation

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OTEX:CA

OpenText Completes Notes Offering and Term Loan Amendment as part of Micro Focus Acquisition Financing

OpenText™ (NASDAQ: OTEX), (TSX: OTEX) announced today that, in connection with its proposed acquisition (the "Acquisition") of Micro Focus International plc ("Micro Focus"), Open Text Corporation (the "Company" or "OpenText") has closed its offering (the "Notes Offering") of US$1 billion principal amount of 6.90% senior secured fixed rate notes due 2027 (the "Notes") and executed an amendment to its first lien term loan facility due 2029 (the "Term Loan"). As a result, the entire previously announced US$4.585 billion aggregate debt financing package for the Acquisition is now finalized, and, as such, all commitments under the bridge loan agreement related to the Acquisition have been correspondingly terminated undrawn.

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OpenText Announces Pricing of Notes Offering and Successful Term Loan Syndication as part of Micro Focus Acquisition Financing

OpenText™ (NASDAQ: OTEX), (TSX: OTEX) announced today that Open Text Corporation (the "Company" or "OpenText") has priced an offering (the "Notes Offering") of US$1 billion principal amount of 6.90% senior secured fixed rate notes due 2027 (the "Notes") in connection with its proposed acquisition (the "Acquisition") of Micro Focus International plc ("Micro Focus").

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

OpenText further announced that it successfully fully syndicated its first lien term loan facility due 2029 (the "Term Loan") in the amount of US$3.585 billion , which will bear interest at a rate per annum equal to adjusted term SOFR plus 3.50%.

Upon closing of the Notes Offering and an amendment to the Term Loan credit agreement, the bridge loan agreement entered into in connection with the Acquisition will be terminated undrawn, and the entire previously announced US$4.585 billion aggregate debt financing package for the Acquisition will be finalized.

The Notes Offering is expected to close, and the Term Loan credit agreement is expected to be amended, on December 1, 2022 , subject in each case to customary conditions. The net proceeds from the Notes Offering, borrowings under the Term Loan and the Company's existing revolving credit facility, and cash on hand will be used to fund the Acquisition.

As previously announced, shareholders of Micro Focus have approved the terms of the Acquisition. The Acquisition is expected to close in the first calendar quarter of 2023, subject to regulatory approvals and customary closing conditions.

After giving effect to the Notes Offering and the above noted borrowings, following closing of the Acquisition, the Company's long-term debt would be approximately US$9.3 billion (consisting of approximately 46% fixed and 54% floating rate debt), with a weighted average interest rate of approximately 5.88% and a weighted average maturity of approximately 6 years. As previously announced, OpenText is targeting a net leverage ratio of less than three times within eight quarters following the closing of the Acquisition.

Additional Information

The Notes and the Term Loan will be guaranteed on a senior secured basis by OpenText's existing wholly-owned subsidiaries organized in the United States or Canada that borrow or guarantee OpenText's obligations under its senior credit facilities and, concurrent with or within one business day of the closing of the Acquisition, additionally by Open Text UK Holding Limited. The Notes and related guarantees will be secured on the same basis as the Company's senior credit facilities.

The Notes and related guarantees will not be registered under the Securities Act of 1933, as amended (the "Securities Act"). The Notes and the related guarantees are being issued pursuant to Rule 144A and Regulation S under the Securities Act. The Notes and related guarantees may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act), except to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act and to certain persons in offshore transactions in reliance on Regulation S under the Securities Act. The Notes have not been and will not be qualified for sale to the public by prospectus under applicable Canadian securities laws and, accordingly, any offer and sale of the Notes in Canada will be made on a basis which is exempt from the prospectus requirements of such securities laws. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, qualification or exemption under the securities laws of any such jurisdiction.

About OpenText

OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, powered by OpenText Cloud Editions.

Publication on a website

This announcement and certain associated documents will be available, subject to certain restrictions, on OpenText's website at https://investors.opentext.com/ by no later than 12 noon ( London time) on the business day following the publication of this announcement. This announcement and certain associated documents available on OpenText's website are only being provided to comply with the requirements under the UK City Code on Takeovers and Mergers. Neither the content any of the websites referred to in this announcement nor the content of any website accessible from hyperlinks in this announcement is incorporated into, or forms part of, this announcement.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this announcement, including statements regarding completion of and timing for closing of the Notes Offering, completion of and timing for execution of the amendment to the Term Loan credit agreement, including completing certain conditions prior to borrowing under the Term Loan, statements regarding OpenText's targeted net leverage ratio and timing thereof, OpenText's plans, objectives, expectations and intentions relating to the Acquisition, the Acquisition's expected contribution to OpenText's results, financing and closing of the Acquisition, as well as the expected timing and benefits of the Acquisition, impact on future financial performance including in respect of annual recurring revenues, cloud growth, adjusted EBITDA, cash flows and earnings, 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 OpenText operates, as well as the impact of the ongoing COVID-19 pandemic. 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 OpenText at the date of this announcement, 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 Securities and Exchange Commission 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 .

OTEX-MNA

Further information, please contact:

Harry E. Blount
Senior Vice President, Investor Relations
OpenText Corporation
415-963-0825
investors@opentext.com

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SOURCE Open Text Corporation

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OpenText Announces Senior Secured Notes Offering as part of Micro Focus Acquisition Financing

OpenText™ (NASDAQ: OTEX), (TSX: OTEX) today announced Open Text Corporation (the "Company" or "OpenText") intends to commence, subject to market and customary conditions, a proposed offering of senior secured notes (the "Notes") pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act").

The Notes will be guaranteed on a senior secured basis by OpenText's existing wholly-owned subsidiaries organized in the United States or Canada that borrow or guarantee OpenText's obligations under its senior credit facilities. The Notes and related guarantees will be secured on the same basis as the Company's senior credit facilities.

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