---
schema_version: "secwatch.filing_event.v1"
accession: "0001002638-24-000034"
form_type: "8-K"
ticker: "OTEX"
cik: "0001002638"
company_name: "OPEN TEXT CORP"
filed_at: "2024-07-03T23:59:59+00:00"
generated_at: "2026-05-31T23:25:54.711615+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# OpenText plans net workforce reduction of 400 jobs targeting $150M annual savings

## Summary
- Reduction of ~1,200 positions offset by ~800 new roles in Sales, Services and Engineering; net ~400 reduction (1.7% of workforce).
- Annualized cost savings of ~$200M; reinvestment of ~$50M yields net ~$150M savings in Fiscal 2025.
- Restructuring charges of ~$60M, substantially in Q1 Fiscal 2025 and mostly cash-paid.
- Business optimization to be substantially completed by end of Q1 Fiscal 2025.

## SEC filing metadata
- accession: 0001002638-24-000034
- form_type: 8-K
- ticker: OTEX
- cik: 0001002638
- company_name: OPEN TEXT CORP
- filed_at: 2024-07-03T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1002638/000100263824000034/0001002638-24-000034-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1002638/000100263824000034/otex-20240703.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001002638-24-000034
- JSON: https://secwatch.observer/filing/0001002638-24-000034.json
- Plain text: https://secwatch.observer/filing/0001002638-24-000034.txt

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