OpenText Corporation (OTEX), an information management software company, said Monday that it has agreed to divest Vertica, a part of its non-core Analytics portfolio, to Bain Capital portfolio company Rocket Software Inc. for $150 million in cash.
The company plans to use the proceeds to reduce outstanding debt.
In the fiscal year ended June 30, 2025, Vertica had contributed approximately $80 million in revenue.
Under the agreement, Vertica's software, customer contracts, associated services, and employees will be transferred to Rocket Software.
The transaction is expected to close during fiscal year 2026.
"We are executing on our strategic plan, focusing on our core product offerings, our expertise in secure data for Enterprise AI, and cloud solutions that provide strategic choice and flexibility for our customers," said P. Thomas Jenkins, OpenText Executive Chairman of the Board and Chief Strategy Officer. "By rationalizing non-core assets, we are strengthening the portfolio, reinforcing our capital allocation framework, and positioning OpenText to accelerate long-term growth and shareholder value."
On Friday, Open Text shares had closed at $25.53, down 3.22%.
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