Open Text Corp to buy cloud company GXS Group Inc for $1.17-billion
Grazed from FinancialPost. Author: Editorial Staff.
Business software company Open Text is buying cloud-technology provider GXS Group in a cash-and-stock deal valued at approximately $1.17 billion. Open Text, based in Waterloo, Ont., will pay about $1.07 billion in cash and $100 million of its stock. When the deal closes, part of the cash portion of the purchase price will be used to repay some GXS debt.
GXS stockholders are expected to own about 2.1% to 2.4% of Open Text’s stock once the acquisition is complete. The company said the deal will expand OpenText’s information exchange and cloud service offerings, and expects the merged business will serve more than 80,000 customers once the transaction closes…


Red Hat, Inc. (NYSE: RHT), the world’s leading provider of open source solutions, today announced that the company, as one of the headline sponsors for this year’s OpenStack Summit in Hong Kong, will be sharing updates on its OpenStack contributions, and how Red Hat aims to be a bridge for OpenStack to grow from a project to enterprise-grade product. Held at the AsiaWorldExpo, the OpenStack Summit brings together some of the industry’s leading technical minds to discuss the future of OpenStack and cloud computing.