The head of Open Text Corp. says the software company plans to return close to $600 million to its shareholders in the form of dividends and buybacks in the 2025 fiscal year.
Mark Barrenechea, CEO and CTO of OpenText, joins BNN Bloomberg to discuss the company's outlook and restructuring plan.
The Waterloo-based company reported its full 2024 fiscal year earnings on Thursday, which totalled US$465.1 million, up from $150.4 million the previous year, while revenues rose 29 per cent to $5.8 billion. “We look at where we’re investing our money; it starts in our products, and we’re expecting mid-single-digit organic growth from our cloud here in the new fiscal year, driven by our business clouds… so first, we’re investing in our products,” he said.
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