Canadian enterprise information management company OpenText more than doubled it’s first quarter profit with its cloud services segment accounting for $150 million in revenue the first quarter, according to Reuters on Wednesday.
Boasting customers such as Microsoft and Oracle, OpenText is obviously benefiting from increased cloud adoption. Over half of the attendees at the 2014 Cloud Expo said they plan to implement cloud solutions for their organizations. Cloud adoption is increasing all over the globe with reports of growth in Asia, UK and the US. The Australia, UK and US governments also plan to use more cloud services with recent cloud first initiatives.
The company began in 1991 with full-text indexing and string-search technology from the Oxford English Dictionary (OED) project at the University of Waterloo in Ontario, Canada. Over the years, OpenText evolved as the Internet grew. It’s product Livelink was one of the first web-based document management product. It also offers hosting services.
OpenText services allow companies to view organizational data across departments. According to its site, “Enterprise Information Management software helps businesses attain 360 degree views of their big data and analytics by streamlining organizational workflows, increasing the quality of information and creating integrated user interfaces for end users within a single source platform.”
The cloud software suite helps companies manage and socialize information. In addition, enterprises can host information on OpenText cloud infrastructure or run the software on-prem.
OpenText was included in the recently published annual Magic Quadrant for Enterprise Content reviewing 22 vendors. “The worldwide market for ECM software grew by 8.6 percent in 2013, to a revenue total of $5.1 billion, which indicates that ECM technologies continue to attract more users and deliver value to enterprises,” according to the Gartner report. “In addition to focusing on solutions to meet this demand, more ECM vendors are offering cloud-based environments, mobile interfaces and social capabilities to meet the market’s needs.”
“With the exponential growth of enterprise information, a variety of mobile devices on which to view it and deployment options on premises or in the cloud, it has become more difficult than ever to manage the information flow throughout the organization,” said Muhi Majzoub, senior vice president of Engineering at OpenText. “Our Content Suite offers an agile information governance strategy designed to reduce risk and mitigate the cost of growing volumes of content in the enterprise while allowing CIOs to focus on using information to drive growth and innovation.”