OpenText sets financial record in Micro Focus year

OpenText sets financial record in Micro Focus year

OpenText finished its fiscal year with record revenue of $4.5 billion (about €4.1 billion). The period that ran through June 30 gives the first impression of the impact of the Micro Focus acquisition.

In its financial figures, OpenText presents annual revenue growth of 28.4 percent. Specifically, CEO Mark J. Barrenechea indicates that 81 percent of revenue, or $3.6 billion, comes from annual recurring revenues. Partly because of that development, Barrenechea looks ahead to the coming year with confidence.

OpenText’s other positive results include cloud revenue of $1.7 billion, driven by year-over-year growth of 10.8 percentage points. Enterprise cloud bookings totaled $528 million, up 9.5 percent.

Net income ended up at just over $150 million, down from a year earlier when net income of just over $397 million were posted.

Influence Micro Focus

OpenText spent a lot this year on the acquisition of Micro Focus. That will have affected revenue and profit. Micro Focus’ results as of Feb. 1 are included in OpenText’s fiscal year.

“The value we are generating through the OpenText Business System of Total Growth is truly remarkable. We accelerated our initial integration of Micro Focus operations ahead of schedule, we remain on track to meet our near-term and long-term operating goals,” said Madhu Ranganathan, OpenText EVP, CFO.

Accordingly, Barrenechea looks to the next fiscal year with confidence. “Looking ahead, Fiscal 2024 will be another year of outstanding growth for OpenText led by Cloud and our expanded Information Management mission, with Micro Focus products contributing organic growth.”

Also read: OpenText integrates Micro Focus tech through Cloud Editions 23.3