---
schema_version: "secwatch.filing_event.v1"
accession: "0001002638-24-000015"
form_type: "8-K"
ticker: "OTEX"
cik: "0001002638"
company_name: "OPEN TEXT CORP"
filed_at: "2024-05-01T23:59:59+00:00"
generated_at: "2026-06-03T01:44:25.903075+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# OpenText closes $2.275B divestiture of AMC business to Rocket Software, plans $2B debt reduction

## Summary
- Completed sale of Application Modernization & Connectivity (AMC) business to Rocket Software for $2.275B in cash, before taxes and fees.
- Proceeds to repay ~$2.0B of Term Loan B and Acquisition Term Loan; net leverage target under 3x.
- Pro forma FY2023 revenue of $4.26B (down from $4.48B) reflecting removal of AMC; pro forma net income $476M.
- Transaction closed May 1, 2024; additional Fiscal 2024 impact to be detailed on May 2 earnings call.
- CEO says focus shifts to cloud, security, AI; capital allocation program for shareholders to expand.

## SEC filing metadata
- accession: 0001002638-24-000015
- form_type: 8-K
- ticker: OTEX
- cik: 0001002638
- company_name: OPEN TEXT CORP
- filed_at: 2024-05-01T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1002638/000100263824000015/0001002638-24-000015-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1002638/000100263824000015/otex-20240501.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001002638-24-000015
- JSON: https://secwatch.observer/filing/0001002638-24-000015.json
- Plain text: https://secwatch.observer/filing/0001002638-24-000015.txt

## Key facts
- M&A Transactions
  OPEN TEXT CORP completed a disposition involving Rocket Software, Inc. and Rocket Software UK Limited (collectively, Rocket) for all-cash purchase price of US$2.275 billion, before taxes, fees and other adjustments (closed 2024-05-01).
  - Action: disposition
  - Counterparty: Rocket Software, Inc. and Rocket Software UK Limited (collectively, Rocket)
  - Consideration: all-cash purchase price of US$2.275 billion, before taxes, fees and other adjustments
  - Closing: 2024-05-01
  source text: generally assume all liabilities related to the AMC Group, subject to certain exceptions (such transactions collectively, the “Transaction”), for an all-cash purchase price of US$2.275 billion, before taxes, fees and other adjustments. The Company intends to use the net proceeds from the Transaction to prepay outstanding principal balances on the Company’s Term Loan B
  evidence_url: https://www.sec.gov/Archives/edgar/data/1002638/000100263824000015/0001002638-24-000015-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.