OpenText and Partners to Contribute $3 Million to Open Data Institute to Further Canadian Innovation
(Canada Newswire Via Acquire Media NewsEdge) The Institute to focus on next generation technologies and companies
WATERLOO, Ontario, Feb. 11, 2014 /CNW/ - OpenText™ (NASDAQ: OTEX, TSX: OTC), the global leader in Enterprise Information Management (EIM) and Canada's largest software company, today announced that as a founding partner in the Open Data Institute, the company and partners will contribute $3 million in cash and in-kind contribution over the next three years to support the proposed Institute. The announcement was made following the Canadian Federal Government budget news that contributions from founding partners in the Institute will be matched by the federal government in an initiative intended to maximize the innovation and commercialization potential of Open Data. Joining OpenText as founding partners in the public-private partnership are the University of Waterloo, Communitech, the Canadian Digital Media Network, and Desire2Learn.
"It is time to bring Open Data into the mainstream and OpenText is pleased to support this collaboration of the private sector with academia and the government to create an ecosystem in Canada where the full opportunity afforded by the government's Open Data program can be leveraged," said OpenText President and CEO Mark Barrenechea. "OpenText is the core technology used at all levels of government in Canada, which will make the initial integration of solutions and the setting of standards simple, cost-effective and achievable as the Open Data Institute makes progress on providing Canadians with access to information and services electronically."
OpenText has provided collaboration platforms for G20 and G8 forums globally and provides software solutions to many governments and enterprises worldwide. The company's EIM software enables extraction of value from unstructured data -- the massive amount of data hidden behind the firewall in enterprises and governments globally. Canada's Open Data program will provide access to previously unavailable caches of data to enable entrepreneurs to innovate and develop marketable applications.
OpenText has undertaken a number of initiatives within the last six months intended to directly seed innovation in Canada:
February 11, 2014: OpenText announces it is a founding partner in the Open Data Institute. January 21, 2014: OpenText announces it is the lead industry sponsor in a newly created $300 million 'fund of funds' that will invest in high-potential venture capital fund managers across Canada to seed innovation, along with the federal and provincial governments; January 21, 2014: OpenText announces it expects to close in the next six months with its financial partners, a $100 million OpenText Enterprise Applications Venture Fund to infuse funding directly into creative app development. November, 2013: OpenText announces it will provide sponsorship for the Canadian Open Data Experience (CODE) national appathon being staged February 28, 2014. November, 2013, OpenText announced its own AppWorks developer platform to dramatically accelerate the time to market for enterprise-grade applications. Entrepreneurs can get on board at: https://developer.opentext.com Learn more about OpenText EIM:
Read the blog of Mark Barrenechea, OpenText's CEO Connect with OpenText:
Twitter: @opentext LinkedIn: www.linkedin.com/company/OpenText Facebook: www.facebook.com/opentextAbout OpenTextOpenText provides Enterprise Information Management software that helps companies of all sizes and industries to manage, secure and leverage their unstructured business information, either in their data center or in the cloud. Over 50,000 companies already use OpenText solutions to unleash the power of their information. To learn more about OpenText (NASDAQ: OTEX; TSX: OTC), please visit: www.opentext.com.
Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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