Approximately 30 employees from this Spicer division will be joining Open Text, most of whom are based in Kitchener, Ontario, Canada, located nearby Open Text's corporate headquarters. Open Text purchased the assets for approximately $12 million effective July 1, 2008. It is currently anticipated that the financial terms and future impact of the acquisition will not have a material effect on future financial results of Open Text.
"This acquisition will complement and extend Open Text's existing ECM Suite, providing flexible document viewing options and enhanced document security functionality," said John Shackleton, President and CEO of Open Text. "Through this acquisition, Spicer customers benefit from access to an expanded ECM solutions portfolio and our commitment to continued Spicer product availability with enhanced innovation, development and 24x7 customer support."
Tim Lehan and Patrick Pidduck, long-standing leaders from Spicer, will join Open Text and form the nucleus of Open Text's Content Viewer Solutions Group. The charter of this group will be to carry on the development, support, and sale of the Spicer products, and develop similar capabilities for Open Text's ECM Suite. Open Text software is used by over 40 million end users in over 46,000 customers, all with increasing expectations of a rich user experience, including high-quality rendering of a myriad of content formats.
About Spicer Corporation
Spicer Corporation is a worldwide supplier of scalable, universal view-markup and collaboration software solutions that improves document productivity and the return on investment for organizations with ECM, CM, PDM, PLM, ERP, and other corporate information systems. Spicer's visualization, collaboration, redaction, and scanning products are used globally in Manufacturing, Government, Utilities, Insurance and Financial Services, and Reprographics markets. For more information on Spicer, visit: www.spicer.com
About Open Text
Open Text(TM) is the world's largest independent provider of Enterprise Content Management software. The company's solutions manage information for all types of business, compliance and industry requirements in large companies, government agencies and professional service firms. Open Text supports approximately 46,000 customers in 114 countries and 12 languages. For more information about Open Text, visit www.opentext.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act
This news release may contain forward-looking statements relating to the acquisition of substantially all of the assets of Spicer Corporation relating to its Spicer Division, the success of any of the Company's strategic initiatives, the Company's growth and profitability prospects, the benefits of the Company's products to be realized by customers, the Company's position in the market and future opportunities therein, the deployment of Livelink and our other products by customers, and future performance of Open Text Corporation. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. Forward-looking statements in this release are not promises or guarantees and are subject to certain risks and uncertainties, and actual results may differ materially. The risks and uncertainties that may affect forward-looking statements include, among others, the failure to develop new products, risks involved in fluctuations in currency exchange rates, delays in purchasing decisions of customers, the completion and integration of acquisitions, the possibility of technical, logistical or planning issues in connection with deployments, the continuous commitment of the Company's customers, demand for the Company's products and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission (SEC), including the Form 10-K for the year ended June 30, 2007. You should not place undue reliance upon any such forward-looking statements, which are based on management's beliefs and opinions at the time the statements are made, and the Company does not undertake any obligations to update forward-looking statements should circumstances or management's beliefs or opinions change.
Copyright (C) 2008 by Open Text Corporation. LIVELINK ECM and OPEN TEXT are trademarks or registered trademarks of Open Text Corporation in the United States of America, Canada, the European Union and/or other countries. This list of trademarks is not exhaustive. Other trademarks, registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text Corporation or other respective owners.