Open Text Corp. (OTEX), Wednesday announced its plan to cut approximately 1,200 jobs across the country. This business optimization plan is expected to save $200 million per year.
The information management software and solutions provider stated that it expects to reinvest $50 million annually for creating around 800 new roles in Sales, Professional Services, and Engineering. The company anticipates an expense of around $60 million for restructuring.
The plan to align Open Text's workforce to support its growth and innovation plans would result in an overall reduction of 1.7 percent of its headcount, to approximately 23,000 employees.
The Canada-based company said that it expects to complete the plan during the first quarter of 2025, resulting in net savings of approximately $150 million during the fiscal period.
Currently, Open Text's stock is moving up 1.40 percent, to $31.07 on the Nasdaq.
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