Open Text Corp. (OTEX,OTEX.TO) announced that it has agreed to divest an on-premise solution or eDOCS, a part of its Analytics portfolio, to NetDocuments, for US$163 million in cash.
The business to be divested is part of OpenText's Analytics product group, primarily focused on automating the work of legal professionals, and contributed approximately $30 million in annual revenue in OpenText's fiscal year ended June 30, 2025. OpenText intends to use the proceeds of the sale to reduce its outstanding debt.
Under the terms of the agreement, the software, customer contracts, associated services, and employees will be integrated into NetDocuments. The transaction is expected to close by early 2026.
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