OpenText sees four growth opportunities for the recently acquired Carbonite data protection and Webroot cybersecurity businesses. The moves were disclosed by Barrenechea on the earnings call. Carbonite & Webroot hit financial targets in latest quarter. OpenText noted that the purchase price is about 2.8 times Carbonite’s trailing 12 months GAAP revenue. Expand the MSP and RMM channels and thereby increase reach. OpenText Cloud Edition, the company's content management application and services suite, adds developer tools to speed its customers' cloud integrations as well as experience platform features. Closing 50% of OpenText’s offices — most of which are smaller locations. OpenText expects Carbonite to contribute no material revenue or operating expenses over the holiday season between December 24th and 31st, within the current quarter (Fiscal 2020 Q2). Canada based OpenText, is a leading content services provider and has announced the acquisition of Carbonite, a cloud-based data protection and cybersecurity solutions provider. Meanwhile, OpenText’s SMB business — the Carbonite and Webroot portfolios — are growing. Carbonite's data protection and end-point security platforms will also strengthen OpenText's security products for loss prevention, digital … OpenText Buys Carbonite, Inc. Canada NewsWire WATERLOO, Ontario, Dec. 24, 2019 WATERLOO, Ontario, Dec. 24, 2019 /CNW/ -- OpenText™ (NASDAQ: OTEX) … This acquisition is valued at about US$1.42 billion, which includes debt obligations. OpenText is a big software conglomerate that tends to purchase slow-growing or declining (aka, "boring") enterprise software companies and consolidates them, cutting costs and milking the existing customer base for updates and support contracts. All content is posted anonymously by employees working at Carbonite. Required fields are marked *. In a press release about the restructuring, OpenText did not disclose how many positions will be impacted. The deal included the Webroot cybersecurity business — and relationships with 16,000 channel partners, OpenText asserts. OpenText expects Carbonite to contribute no material revenue or operating expenses over the holiday season between December 24th and 31st, within the current quarter (Fiscal 2020 Q2). Expand the Carbonite opportunity within the OpenText enterprise. Wall Street was thrilled over reported Q1 profit by OpenText, largely via layoff in May/June, now Banks are pressuring Mark to do RIF in the US, have the Indian teams replace the more expensive workforce. MSP platform technology providers such as. He reports directly to Barrenechea, and leads the Carbonite business. OpenText Buys Carbonite, Inc. I just returned from Sales University at Opentext and without a doubt, this is the best training I have ever received. Total revenue was $814.7 million — up 13.3 percent. Carbonite does enterprise file backup. When further quizzed about Carbonite’s performance during the quarter, Barrenechea pointed to “good integration and execution, as well as an uptick” in the Work From Home (WFH) opportunity. E-mail Address. But the combination of data protection and cybersecurity faces growing competition. The Carbonite-Webroot combo is a rare example of (1) data protection and (2) endpoint protection intellectual property living under one company’s roof. As a Sales Executive, I have been through lots of sales training. This is the Carbonite company profile. But a restructuring also involves some job cuts. by Joe Panettieri • Jan 31, 2020. OpenText’s overall business exceeded expectations for the quarter ended March 31, 2020. Guiding VARs, MSPs, CSPs, Total Service Providers (TSPs) s & Strategic IT Service Providers: From Entrepreneur to Exit. Potential competition may also come from these areas: Amid all those variables, the Carbonite and Webroot teams still hit internal business goals in OpenText’s latest quarter. StreetInsider.com Top Tickers, 12/24/2019. OpenText expects Carbonite to contribute no material revenue or operating expenses over the holiday season between December 24 th and 31 st, … Multiple technology companies have confirmed targeted staff cuts since the coronavirus pandemic rocked the U.S. economy starting in mid-March 2020. Those integrations are largely table stakes that many other cybersecurity and data protection firms already support. As OpenText companies, we’re dedicated to bringing full-scale cyber resilience solutions to each of our customers, from individual home users and small business owners to managed service providers and large enterprises. They include: Carbonite Chief Revenue Officer Craig Stillwell has joined OpenText’s leadership team and is now executive VP of SMB and Consumer. Your email address will not be published. The Carbonite and Webroot products are not yet fully integrated on all fronts, particularly when it comes to MSP dashboards, and connections to third-party tools like RMM (remote monitoring and management) and PSA (professional services automations). OpenText sees four growth opportunities for the recently acquired Carbonite data protection and Webroot cybersecurity businesses. Please call … The company recently completed its fiscal Q2 2020. Nevertheless, OpenText certainly has opportunities in the MSP and VAR channels serving SMB customers. Your email address will not be published. OpenText, parent of Carbonite and Webroot, is cutting 5 percent of its staff and reducing compensation in many areas through June 2021, CEO Mark Barrenechea disclosed on the company’s May 1 earnings call. OpenText completed the Carbonite acquisition in December 2019. But the growth-focused journey also involves a restructuring plan that will impact the technology company’s global workforce and consolidate some real estate facilities, OpenText said Thursday. Now, it’s up to OpenText to integrate and innovate around those two areas, essentially blending them into one true cyber resilience solution. Features from the Carbonite acquisition move to the fore during pandemic's remote work push. Carbonite shareholders sue to stop $1.42 billion sale to OpenText. Wall Street appears to like the overall OpenText strategy. OpenText on Monday unveiled a definitive agreement to acquire Boston-based Carbonite in a cash deal worth $23 per share, for a total value of $1.42 billion, inclusive of Carbonite's cash … You can also subscribe without commenting. Save my name, email, and website in this browser for the next time I comment. The OpenText restructuring will save the company approximately $26 million to $34 million, and is expected to be completed by the end of the company’s fiscal 2021 — or perhaps sooner. It made its decision as many companies face … Notify me of followup comments via e-mail. All contents © 2020 ChannelE2E and After Nines Inc. Your email address will not be published. Your email address will not be published. Article Stock Quotes (2) Comments (0) FREE Breaking News Alerts from StreetInsider.com! The figures exceeded Wall Street’s expectations. 256 Carbonite reviews. Open Text said the shuttering would save the company between US$65-million and US$75-million a year. $1.45 billion Carbonite-Webroot acquisition, MSP 200: Top 200 Public Cloud MSPs for AWS, Microsoft Azure & Google, Technology Mergers and Acquisitions: Deal List. All contents © 2020 ChannelE2E and After Nines Inc. A free inside look at company reviews and salaries posted anonymously by employees. Over 35,000 startup employees have been laid off amid the COVID-19 pandemic. The company says claims in the four lawsuits filed over its impending sale are "without merit." OpenText to Acquire Carbonite, Inc. Canada NewsWire WATERLOO, Ontario, Nov. 11, 2019 Cloud Based Data Protection and End-Point Security Solutions to Expand OpenText… The chief executive officer of OpenText Corp. said his company is open to more acquisitions after announcing on Monday a US$1.42-billion deal to buy Carbonite Inc. “We still have more capital to deploy with the right deal,” OpenText’s CEO Mark Barrenechea told BNN Bloomberg’s Jon Erlichman in an interview Monday from Silicon Valley. Glassdoor gives you an inside look at what it's like to work at Carbonite, including salaries, reviews, office photos, and more. Carbonite’s core partner and sales functions — areas like go-to-market, demand generation, pre-sales and more — remain unified under Stillwell and will not be absorbed into OpenText’s parent organization, the company indicated on the earnings call. OpenText beats analyst estimates but plans layoffs following US$1.42-billion Carbonite acquisition By Zane Schwartz Jan 31, 2020 The Waterloo-based software firm reported earnings per share of US$0.84, beating the US$0.78 consensus estimate. Amid that reality, OpenText took several steps to restructure its business while also cutting certain costs through mid-2021. Startups have been particularly hard-hit. Indeed, the Carbonite data protection and Webroot cybersecurity businesses generated $110 million of revenues during the period. You may read and copy any reports or other information filed by OpenText or Carbonite at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. But amid the coronavirus pandemic and its economic impact, parent OpenText has rolled out a restructuring plan that includes some layoffs and temporary pay cuts, CEO Mark Barrenechea disclosed on the company’s May 1 earnings call. But amid the coronavirus pandemic and its economic impact, parent OpenText has rolled out a restructuring plan that includes some layoffs and temporary pay cuts, CEO Mark Barrenechea disclosed on the company’s May 1 earnings call. … OpenText completed the $1.45 billion Carbonite-Webroot acquisition in December 2019. OpenText Buys Carbonite, Inc. WATERLOO, Ontario, Dec. 24, 2019 /PRNewswire/ -- OpenText™ (NASDAQ: OTEX) (TSX: OTEX), " The Information Company ," announced today that it has completed the closing of the previously announced acquisition of Carbonite, Inc. ("Carbonite"), provider of cloud-based subscription data protection, backup, disaster recovery and endpoint security to small … contributors by 5%, with some exceptions in India and in Philippines. Justin Tang/The Canadian Press. Executive VP Craig Stillwell is leading that SMB effort. You can also subscribe without commenting. Carbonite and Webroot were acquired by OpenText in December 2019. OpenText has acquired Carbonite and Webroot Get total endpoint protection for the enterprise, SMB and consumer markets Strengthen cyber resilience with the combined power of Carbonite data protection and back-up, Webroot endpoint protection and threat intelligence and OpenText Encase digital forensic and investigation solutions. Technology Reporter Published January 30, 2020 Updated 7 hours ago Open this photo in gallery OpenText CEO Mark Barrenechea speaks at the Open Government Partnership Global Summit in Ottawa on May 29, 2019. Still, it’s unclear how long the current economic challenges will continue. FireEye is laying off about 6 percent of its staff, CEO Kevin Mandia disclosed on the company’s April 28 earnings call. OpenText Corporation (also written opentext) is a Canadian company that develops and sells enterprise information management (EIM) software.. OpenText, headquartered in Waterloo, Ontario, Canada, is Canada's largest software company as of 2014 and recognized as one of Canada's top 100 employers 2016 by Mediacorp Canada Inc.. OpenText software applications manage content or unstructured … Earlier today, Acronis unveiled Acronis Cyber Protect — a service that spans backup and disaster recovery (BDR), anti-malware, cybersecurity, and endpoint management tools. Proud to be an OpenText company. Mr. Donohue replaces Craig Stilwell, who is retiring from OpenText following the successful integration of Carbonite into OpenText. The transaction values Carbonite … Marketing Technology News: Integral Ad Science Expands Business … Still, there are challenges ahead, ChannelE2E believes. OpenText expects Carbonite to contribute no material revenue or operating expenses over the holiday season between December 24 th and 31 st, … During a briefing with ChannelE2E earlier this month, Stillwell expressed strong optimism in Carbonite’s Cyber Resilience strategy — which essentially blends data protection and cybersecurity into a 360-degree, automated business protection system. Specifically, Carbonite can provide endpoint data protection as well as ensure the authenticity and integrity of every file, the company says. Notify me of followup comments via e-mail. This morning OpenText announced that it has acquired cloud-based subscription data protection, backup, disaster recovery and end-point security maker Carbonite for $1.42 billion. OpenText sees four growth opportunities for Carbonite data protection & Webroot cybersecurity businesses. But parent OpenText cuts some staff & temporarily reduces salaries amid economic uncertainty. OpenText will buy Carbonite for $1.42 billion, or $23 a share in cash, in a deal that represents the company's 9th cloud related acquisition. Save my name, email, and website in this browser for the next time I comment. And GAAP net income was $26.0 million. In an earnings call yesterday, OpenText CEO Mark Barrenechea described four long-term opportunities for Carbonite and Webroot. Also, an integrated Carbonite and Webroot channel partner program won’t likely debut until around mid-2020 — a slight delay from an earlier target of February 2020. The deal’s big focus involves a Cyber Resilience strategy — … One firm reportedly talking to OpenText is... — read more CEO increased pay 20% while losses exceeded 20% it's for Mark, not the company MSPs can manage the integrated service from a single management console, the company says. Required fields are marked *. 1. BOSTON, MA - November 11, 2019 - Carbonite, Inc. (NASDAQ: CARB), a global leader in data protection and cybersecurity, today announced that it has entered into a definitive agreement to be acquired by OpenText TM (NASDAQ: OTEX, TSX:OTEX), a market leader in Enterprise Information Management software and solutions, for $23.00 per Carbonite share in cash. OpenText has … Carbonite and sister business Webroot hit their financial targets in the most recent fiscal quarter. Fast forward to present day, and the acquired Carbonite and Webroot assets “had a solid first quarter of operation and we are on our internal business case for the acquisition,” Barrenechea told Wall Street analysts on May 1. The deal’s big focus involves a Cyber Resilience strategy — which essentially blends data protection and cybersecurity into a 360-degree, automated business protection system for MSPs and their SMB customers. Further financial projections from OpenText, as well as updated target models, will be provided when the company reports its second quarter Fiscal 2020 financial & business results. OpenText's Carbonite acquisition is aimed at extending OpenText's cloud portfolio of enterprise information management (EIM) systems and building its footprint in the small and medium-sized business (SMB) and consumer markets, the vendor said. OpenText completed the Carbonite acquisition, Top 200 Managed Security Services Providers (MSSP) Company List, Top 20 Managed Detection and Response (MDR) Company List. The company’s latest financial results, announced yesterday, largely beat Wall Street’s estimates and chatter about the Carbonite strategy was upbeat. But the growth-focused journey also involves a restructuring plan that will impact the technology company’s global workforce and consolidate some real estate facilities, OpenText said Thursday. Different methodologies such as SPIN, Challenger, etc. I have been working for Opentext for just over 8 weeks. The changes include temporary cash payroll cuts through mid-2021 by the following percentages: OpenText isn’t alone. Guiding VARs, MSPs, CSPs, Total Service Providers (TSPs) s & Strategic IT Service Providers: From Entrepreneur to Exit. OpenText announced that veteran OpenText executive Prentiss Donohue has been appointed Executive Vice President, SMB/C Sales (Small and Medium-Sized Business and Consumer). OpenText completed the $1.45 billion Carbonite-Webroot acquisition in December 2019.