Open Text Acquires Momentum Systems

Mar 06, 2007

Open Text Corporation, an independent provider of enterprise content management (ECM) software and solutions, has acquired Momentum Systems Inc., a privately held company that specializes in providing ECM solutions to U.S. government agencies. Open Text purchased Momentum Systems for $4 million, net of cash and liquid assets. The agreement was completed with an effective date of March 1, 2007. It is currently anticipated that the financial terms and future impact of this agreement will not have a material effect on future financial results of Open Text. The acquisition is not expected to result in any material change to staff levels at either Momentum or at Open Text.