Business software firm Open Text buys Montreal-based XMedius for $75M
Open Text's chief executive says the deal strengthens its secure information exchange
WATERLOO, Ont. — Business software company OpenText has acquired XMedius, a provider of secure file exchange and communication, for $75 million in cash.
Open Text chief executive Mark Barrenechea says the deal strengthens its secure information exchange, unified communications and digital fax business.
XMedius is based in Montreal and has offices in Seattle and Paris.
It has more than 20 million users and 50,000 installations around the world.
XMedius currently generates approximately $40 million annually in revenue.
OpenText says it expects revenue at XMedius to be down as much as 20% in the first year due to customary purchase price accounting adjustments and integration activities.