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OpenText to Acquire Recommind for $163 Million

OpenText, a provider of enterprise information management software, has entered into a definitive agreement to acquire privately-held Recommind, a provider of e-discovery and information analytics.

The transaction purchase price is approximately $163 million, and the deal is expected to close in the first quarter of fiscal 2017.

According to OpenText, Recommind's e-discovery solution will complement its own enterprise information management (EIM) solutions. In addition, the acquisition is expected to expand OpenText's expertise in cloud and developing and using analytics to solve concrete and expensive business problems.

Recommind's SaaS and managed services solutions include Axcelerate for e-discovery review and analysis, Perceptiv for contract analytics, and Decisiv for enterprise-wide information access.

OpenText says that the solutions being acquired are expected to generate between $70 million and $80 million in annualized revenues, be immediately accretive to earnings, and be on the OpenText operating model within the first 12 months after closing. The transaction is subject to customary regulatory approvals and closing conditions.  

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