John123
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John123 in Gainers & Losers,

Open Text Corp: Record high after deal for Dell-EMC unit

Canadian business software maker's Toronto and U.S.-listed shares hit record high after company agrees to buy Dell-EMC's enterprise content unit for $1.62 bln

U.S.-listed shares (OTEX) gain as much as 8.9% to $65.08.

Dell-EMC unit to help Open Text expand services to larger businesses. The Dell-EMC enterprise content division (ECD) offers content management services for enterprises and generated about $599 million in revenue in 2015.

OpenText, one of Canada's largest software companies, makes products used by enterprises to manage large volumes of content and it has been buying related businesses to boost its customer base.

The company in June agreed to buy HP Inc's customer management software business. Two months before that it bought a set of content management software tools from HP for about $170 million.

OpenText said it expected its latest deal to close within 90 to 120 days and then immediately add to its earnings.

Over 385,000 U.S. shares traded, 2.2x their 30-day moving avg

Up to Friday's close, U.S.-listed shares had risen about 33% in the last 12 months.

Looks like the company has strategy and buying really useful assets for its business. I am going to look more deeply into this stock.