OpenText to divest non-core unit for $163M

Open Text has reached a definitive agreement to divest an on-premise solution, eDOCS, a part of its Analytics portfolio, to NetDocuments, for $163M in cash. The business to be divested is part of OpenText’s (OTEX) Analytics product group, primarily focused on automating the work of legal professionals, and contributed approximately $30M 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. The software, customer contracts, associated services, and employees will be integrated into NetDocuments. The transaction is expected to close by early 2026, subject to customary approvals and closing conditions.