Open Text Corporation (OTEX) on Tuesday announced a definitive agreement to divest its AMC business to Rocket Software, a portfolio company of Bain Capital, for a cash consideration of $2.275 billion.
OpenText's AMC business provides mainframe modernization and connectivity software to over 10,000 customers, facilitating the running of mission-critical business applications in hybrid cloud environments.
The combination of AMC and Rocket Software's complementary product portfolios is expected to create one of the world's largest IT and mainframe modernization and connectivity software companies.
As per the agreement, Rocket Software will integrate the software, associated services, and around 750 employees of AMC.
Until the closing of the transaction, OpenText and Rocket Software will collaborate constructively to safeguard customer investments and expand offerings for joint customers.
The transaction is expected to close in OpenText's fourth fiscal quarter, ending June 30, 2024.
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