Approximately 30 employees from this Spicer division will be joining Open Text, most of whom are based in Kitchener, Ontario, Canada, located nearby Open Texts 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 Texts 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.
Open Text Corp.