Big name customers power Open Text in Q2 '99

Collaborative document management vendor Open Text (Nasdaq: OTEXF) has pulled in record revenues for the twelfth consecutive quarter, according to recently released results.

In Q2 '99 Open Text revenue jumped 113% from Q2 '98 to $20.8 million. Net income of $3.3 million is up from $153,000 a year ago, excluding the company's recent acquisition of Lava Systems. License revenue doubled to $12.9 million while service revenue climbed 165% to $7.9 million.

During the quarter Open Text was named in an IDC report as the marketshare leader in enterprise-centric document and knowledge management. Open Text also acquired struggling Lava Systems after a rebuffed merger attempt with PC DOCS.

New customers signed in Q2 '99 include Conoco, Fiat, Johnson & Johnson, Texaco, Nortel and Shell Corporation.