What changed in this filing

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Item 1. Business

2023-08-03 compared with 2022-08-05 · 163 added, 139 removed, 259 unchanged (54% of the section changed)

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OpenText’s Information Management solutions manage the creation, capture, use, analysis and lifecycle of structured and unstructured data.

Our Information Management solutions are designed to help organizations extract value from their information, secure that information and meet the growing list of privacy and compliance requirements.

Our Information Management solutions are designed to help organizations extract value and insights from their information, secure that information and meet the growing list of privacy and compliance requirements.

OpenText helps customers improve efficiencies, redefine business models and transform industries.

Our products are available in cloud, off-cloud, private cloud, public cloud and application programming interface (API) cloud, or any combination thereof, and we are ready to support the customer’s preferred delivery channel.

Our products are available in private cloud, public cloud, off-cloud and application programming interface (API) cloud, or any combination thereof, to support the customer’s preferred deployment option.

In providing choice and flexibility, we strive to maximize the lifetime value of the relationship with our customers and support their information-led transformation journey.

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About OpenText

At OpenText, we believe information and knowledge make business and people better.

We are an Information Management company that provides software and services that empower digital businesses of all sizes to become more intelligent, secure and connected.

Our innovations maximize the strategic benefits of data and content for our customers, strengthening their productivity, growth, profitability, compliance and competitive information advantage.

OpenText is an Information Management company that provides software and services that empower digital businesses of all sizes to become more intelligent, connected, secure and responsible.

The comprehensive OpenText Information Management platform and services provide secure and scalable solutions for global enterprises, SMBs, governments and consumers around the world.

We also accelerate information-led digital transformations with intelligent tools and services for moving off paper, automating classification and building clean data lakes for artificial intelligence (AI), analytics and automation.

OpenText is fundamentally integrated into the parts of our customers' businesses that matter, so they can securely manage the complexity of information flow end-to-end.

With critical tools and services for connecting and classifying data, OpenText accelerates customers’ ability to deploy Artificial Intelligence (AI), automate work, and strengthen productivity.

The benefits of interconnected information enable customers to enhance real-time decision-making, meet new compliance standards, manage across multi-cloud environments, and stay cyber resilient with secure data.

With rising compliance standards for data management, security, environmental, sustainability, and inclusion factors, OpenText empowers customers with foresight and trust.

Our products are fundamentally integrated into the operations and existing software systems of our customers’ businesses, so customers can securely manage the complexity of information flow end-to-end.

Through automation and AI, we connect, synthesize and deliver information when and where needed to drive new efficiencies, experiences and insights.

We make information more valuable by connecting it to digital business processes, enriching it with insights, protecting and securing it throughout its entire lifecycle and leveraging it to create engaging digital experiences.

Our solutions connect large digital supply chains in many industries including manufacturing, retail and financial services.

With the growing compliance standards for data management, security, e-invoicing, environmental, sustainability and inclusion factors, OpenText empowers customers with foresight and trust.

Our solutions also enable organizations and consumers to secure their information so that they can collaborate with confidence, stay ahead of the regulatory technology curve and identify threats on any endpoint or across their networks.

With a multi-layered security approach, we have a wide range of OpenText Security Solutions that power and protect at the data management layer, at the infrastructure and application layers, and at the edge, offering insights and threat intelligence across it all.

Our solutions connect large digital supply chains, IT service management ecosystems, application development and delivery workflows, and processes in many industries including manufacturing, retail and financial services.

With a multi-layered security approach, we have a wide range of OpenText Cybersecurity solutions that power and protect at the data management layer, at the infrastructure and application layers, at the code, and at the edge, offering insights and threat intelligence across it all.

Our investments in research and development (R&D) push product innovation, increasing the value of our offerings to our installed customer base and to new customers, which include Global 10,000 companies (G10K), SMBs and consumers.

Our R&D leverages our existing investments in the OpenText Cloud with the aim of ensuring that all our cloud products provide our customers with insights, meet compliance regulations and provide a seamless experience across our portfolio.

Businesses of all sizes rely on a combination of public and private clouds, managed cloud services and off-cloud solutions.

Looking ahead, the destination for our customers is hybrid and multi-cloud and our innovation roadmap is designed to provide flexibility in all environments.

On January 31, 2023, we completed the acquisition of all of the outstanding ordinary shares of Micro Focus International Limited, formerly Micro Focus International plc (Micro Focus), a leading provider of mission-critical software technology and services that help customers accelerate digital transformation.

Our Products and Services

We have a complete and integrated portfolio of Information Management solutions delivered at scale to meet the demands and needs of a global market.

With the rise of operational and experience data as a force accelerating the need for information management, OpenText helps businesses master modern work with our Content Cloud, digitize supply chains with the Business Network Cloud, create communication-centric experiences with the Experience Cloud and build a resilient and safer world with the Security Cloud.

In addition to our four business clouds, we have the Developer Cloud to help unleash developer creativity.

Our solutions are delivered on the OpenText Cloud Platform, which supports customers in four different ways to use our services from private cloud to public cloud to off-cloud to API.

Our architectural approach is one that puts at the forefront the ability for customers to have the flexibility and customization they need in a hybrid multi-cloud world.

Our innovation roadmap is focused on investing a significant amount of our research and development (R&D) in cloud capabilities.

This includes maturing our public cloud and API offerings, driving deep integrations through co-innovations with partners and investing to meet new compliance standards.

Security is fundamentally built into all OpenText Information Management software.

We leverage a common set of technologies, processes and systems to deliver our complete and integrated portfolio of Information Management solutions at scale to meet the demands and needs of a global market.

Our solutions are marketed and delivered on the OpenText Cloud Platform, which supports customer deployments from private cloud to public cloud to off-cloud to API.

Our architectural approach puts at the forefront the ability for customers to have the flexibility and customization they need in a hybrid multi-cloud world.

The OpenText Cloud is a comprehensive Information Management platform consisting of six business clouds:

our Content Cloud, Cybersecurity Cloud,

Application Automation Cloud, Business Network Cloud, IT Operations Management Cloud and Analytics & AI Cloud.

In addition to our six business clouds, we have the Developers Cloud to help unleash developer creativity.

With embedded AI and analytics, our solutions improve business insight, employee productivity, customer experiences, asset utilization, collaboration, supply chain efficiency and risk management.

Our innovation roadmap is focused on investing a significant amount of our R&D in cloud and AI capabilities.

This includes enhancing the capabilities and deployment options of the acquired Micro Focus products, growing our public cloud and API offerings, driving deep integrations through co-innovations with partners, integrating security, analytics and AI solutions throughout our offerings and investing to meet new compliance standards.

Our platform offers multi-level, multi-role and multi-context security.

Information is secured at the database level, by user-enrolled security, context rights and time-based security.

Information is secured at the data level, by user-enrolled security, context rights and time-based security.

We also provide encryption at rest for document-level security.

With embedded AI and analytics, our solutions improve business insight, employee productivity, customer experiences, asset utilization, collaboration, supply chain efficiency and risk management.

Our software capabilities connect information across people, systems and devices to automate end-to-end processes and provide customers with increased business visibility and foresight.

Below is a listing of our Information Management solutions.

For the year ended June 30, 2023, total revenues is comprised of 45% from Content Cloud, 20% from Cybersecurity Cloud, 15% from Business Network Cloud, 10% from Application Automation Cloud, 5% from IT Operations Management Cloud and 5% from Analytics & AI Cloud, with revenues from Business Network Cloud and Cybersecurity Cloud primarily derived from Cloud revenues, and the remaining primarily derived from Customer support revenues.

Content Cloud

Our Content Cloud empowers customers to master modern work through robust content management, improved integrations and intelligent automation.

It connects content to the digital business eliminating silos and providing convenient, secure and compliant remote access to both structured and unstructured data - boosting productivity and reducing risk.

Our solutions manage the lifecycle, distribution, use and analysis of information across the organization, from capture through to archiving and disposition.

Our Content Cloud empowers customers to gain an information advantage through robust content management, improved integrations and intelligent automation.

It connects content to the digital business eliminating silos and providing convenient, secure and compliant remote access to both structured and unstructured data, boosting productivity and insights and reducing risk.

Our solutions manage the lifecycle, distribution, use and analysis of information across the organization, from capture through archiving and disposition.

Our Content Services solutions range from content collaboration and intelligent capture to records management, collaboration, e-signatures and archiving, and are available off-cloud, on a cloud provider of the customer’s choice, as a subscription in the OpenText Cloud, in a hybrid environment or as a managed service.

Our Content Services solutions enable customers to capture data from paper, electronic files and other sources and transform it into digital content delivered directly into content management solutions and business processes.

Our customers can protect critical historical information within a secure, centralized archiving solution.

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By connecting unstructured content with structured data workflows, our Content Services allow users to have the content they need, when they need it, reducing errors, driving greater business insight and increasing efficiency.

Our AI and analytics capabilities within Content Services leverages structured or unstructured data to help organizations improve decision-making, gain operational efficiencies and increase visibility through interactive dashboards, reports and data visualizations.

It leverages a comprehensive set of data analytics software - such as text mining, natural language processing, interactive visualizations and machine learning - to identify patterns, relationships, risks and trends that are used for predictive process automation and accelerated decision-making.

Our solutions support composite AI for improved accuracy, and we help customers turn repositories of information into clean and integrated “data lakes” that can be mined by AI to extract useful knowledge and insight for our customers.

Our automation solutions enable organizations to transform into intelligent, secure and connected digital, data-driven businesses.

We help customers re-engineer processes and quickly adapt to complex needs to deliver seamless customer and employee experiences.

We speed up the development of case- and process-driven applications with low-code, drag-and-drop components, reusable building blocks and pre-built accelerators to build and deploy solutions more easily.

Moreover, our professional services team works with customers to simplify complex interactions among people, content, transactions and workflows across multiple systems of record to support a diverse range of use cases.

Also within Content Cloud, our Experience Cloud powers smarter experiences that drive revenue growth and customer loyalty.

Our Digital Experience solutions create, manage, track and optimize omnichannel interactions throughout the customer journey, from acquisition to retention, and integrate with systems of record including Salesforce® and SAP®.

The OpenText Digital Experience platform enables businesses to gain insights into their

customer interactions and optimize them to improve customer lifetime value.

The platform includes solutions and extensions that deliver highly personalized content and engagements along a continuous customer journey.

With AI-powered analytics, the Experience Cloud can evaluate and deliver optimized user experiences at scale to ensure every point of interaction, whether physical or digital, on any device, is engaging and personalized.

The Experience Cloud platform includes a range of solutions from Customer Experience Management (CXM), Web Content Management (WCM), Digital Asset Management (DAM), Customer Analytics, AI & Insights, eDiscovery, Digital Fax, Omnichannel Communications, Secure Messaging, Voice of Customer (VoC), as well as customer journey, testing and segmentation.

Cybersecurity Cloud

Our Cybersecurity solutions provide organizations with capabilities to protect, prevent, detect, respond and quickly recover from threats across endpoints, network, applications, IT infrastructure and data, all with AI-led threat intelligence.

OpenText Cybersecurity aims to protect critical information and processes through threat intelligence, forensics, identity, encryption, and cloud-based application security.

At the data layer, OpenText Cybersecurity helps customers be cyber-resilient with uninterrupted access and protection of business data against cyber threats.

With Carbonite Endpoint, Carbonite Server, Carbonite Cloud-to-Cloud Backup and Information Archiving, we help ensure customers have visibility across all endpoints, devices and networks, for proactive discovery of sensitive data, identification of threats and sound data collection for investigation.

At the infrastructure and application layer, OpenText Cybersecurity solutions help detect issues and respond to and remediate threats.

Our full suite of capabilities includes Application Security (Fortify), Identity and Access Management (NetIQ), Email Encryption (Voltage), Security Information and Event Management (SIEM with ArcSight), Endpoint Detection Response (EDR), Network Detection Response (NDR), Managed Detection and Response (MDR) and Digital Forensics & Incident Response.

OpenText delivers services, combining front-line experience with automation, AI technology and OpenText software to help organizations detect threats in real time.

Moreover, our eDiscovery capabilities provide forensics and unstructured data analytics for searching and investigating data to manage legal obligations and organizational risks.

For highly regulated organizations, these machine learning capabilities help drive compliance and timely responses in complex situations.

From threat prevention to detection and response, data management to investigation and compliance, OpenText Cybersecurity offers solutions to keep business operations in a trusted state across endpoints, networks, clouds, email, webservers, firewalls and logs.

At the edge, we help customers protect endpoints, virtual machine platforms and browsers from rising cyber-attacks.

With Webroot Endpoint Protection, Webroot Domain Name System (DNS) protection, Email Security by Zix, Security Awareness Training, MDR and Threat Hunting, our security solutions are directed to the SMB and consumers segments.

We serve SMB together with our network of Managed Service Providers (MSPs) who help deploy OpenText solutions at scale.

OpenText Cybersecurity solutions help secure operations using solutions with threat intelligence.

Threat monitoring with BrightCloud, remote endpoint protection and automated cloud backup and recovery work together to protect employees and customer data while allowing organizations to prepare for, respond to and recover quickly from cyber-attacks.

OpenText Cybersecurity products help find information, to effectively conduct investigations, manage risk and respond to incidents.

Business Network Cloud

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Our Business Network manages data within the organization and outside the firewall, connecting people, systems and Internet of Things (IoT) devices at a global scale for those seeking to digitize and automate their procure-to-pay and order-to-cash processes.

For our customers, this delivers streamlined connectivity, secure collaboration and real-time business intelligence in a single, unified platform.

For our customers, our Business Network Cloud offerings deliver streamlined connectivity, secure collaboration and real-time business intelligence in a single, unified platform.

Organizations of all sizes can build global and sustainable supply chains, rapidly onboard new trading partners, comply with regional mandates, assess their credit quality and ethics scores, provide electronic invoicing and remove information silos across ecosystems and the extended enterprise.

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OpenText offers a range of application-to-application, IoT, identity and access management, active applications and industry specific applications.

We enable supply chain optimization, digital business integration, data management, messaging, security, communications and secure data exchange across an increasingly complex network of off-cloud and cloud applications, connected devices, systems and people.

connected devices, systems and people.

The Business Network Cloud can be accessed through our new multi-tenant, self-service Foundation offering or as a managed service to simplify the inherent complexities of business-to-business (B2B) data exchange.

OpenText’s Business Network Cloud offers insights that help drive operational efficiencies, accelerate time to transaction and improve customer satisfaction.

Experience Cloud

Our Experience Cloud powers modern experiences that drive revenue growth and customer loyalty.

The OpenText Digital Experience platform enables businesses to gain insights into their customer interactions and optimize them to improve customer lifetime value.

The platform includes solutions and extensions that deliver highly personalized content and engagements along a continuous customer journey.

The Experience Cloud platform includes a range of solutions from Customer Experience Management (CXM), Web Content Management (WCM), Digital Asset Management (DAM), Customer Analytics, AI & Insights, Digital Fax, Omnichannel Communications, Secure Messaging, Voice of Customer (VoC), as well as customer journey, testing and segmentation.

Security Cloud

Our security solutions provide organizations with capabilities to protect, prevent, detect, respond and quickly recover from threats across endpoints, network, applications, IT infrastructure and data – all with AI-led threat intelligence.

At the data layer, OpenText Security Solutions help customers be cyber-resilient with uninterrupted access and protection of business data against cyber threats.

At the infrastructure and application layer, OpenText Security Solutions help detect issues and respond and remediate threats.

Our full suite of capabilities includes Endpoint Detection Response (EDR), Network Detection Response (NDR), Managed Detection and Response (MDR), Digital Forensics & Incident Response and eDiscovery.

OpenText Security Solutions deliver services, combining front-line experience with automation, AI technology and OpenText software to help organizations detect threats in real time.

Moreover, our eDiscovery capabilities provide forensics and unstructured data analytics for searching and investigating organizational data to manage legal obligations and risks.

For highly regulated organizations, these machine learning capabilities help drive compliance and timely response in complex situations.

At the edge, we help customers protect endpoints, virtual machine platforms and browsers from rising cyber-attacks.

With Webroot Endpoint Protection, Webroot Domain Name System (DNS) protection, Email Security by Zix, Security Awareness Training and MDR/Threat Hunting, our security solutions are directed to the SMB and consumers segments.

We serve SMB together with our network of Managed Service Providers (MSPs) who help deploy OpenText solutions at scale.

Lastly, OpenText Security solutions help secure operations using solutions with threat intelligence.

Developer Cloud

Our Developer Cloud makes it faster and easier to build, extend and customize Information Management applications using a collection of cloud services, APIs and software development kits (SDK).

IT Operations Management Cloud

Our IT Operations Management Cloud helps customers increase service levels and deliver better experiences through a more holistic management of IT assets and applications across all types of infrastructures and environments.

Within IT operations management, we power IT service management for automation and advancement of IT support and asset management (SMAX).

We enable customers with better AI operations management with the capabilities of network operations management (NOM) and connected data management and observability (OpsBridge).

We help customers manage vulnerabilities and deployment of patches within their IT landscape through server and network automation.

Lastly, with the power of our universal discovery and automation tools that can manage distributed landscapes, we help customers better manage cloud costs and carbon footprints.

As OpenText integrates the Micro Focus portfolio, we expect that new innovations will drive the combination of IT service management and enterprise content management to enable IT service agents with the right content and insights.

Bringing the AI operations portfolio onto the OpenText private cloud is anticipated to allow customers to take advantage of the discovery capabilities on top of a private network and within private data.

AI enabled tools are expected to accelerate how customers can manage and control cloud costs and carbon footprints across multiple environments.

OpenText solutions are built on the integrated, AI-based OPTIC Platform to ensure IT efficiency and performance.

Analytics & AI Cloud

OpenText Analytics & AI Cloud solutions bring artificial intelligence with practical usage to provide organizations with actionable insights and better automation.

We help organizations overcome enterprise data challenges through visualizations, advanced natural language processing and natural language understanding and integrated computer vision capabilities.

With an open architecture, Analytics & AI can integrate with external AI services, such as Google Cloud or Azure.

Our Analytics & AI solutions feature capabilities from data analytics (Vertica) to insights from new unstructured data types (IDOL) to visualization that can be applied to key processes (Magellan, LegalTech).

Our solutions help organizations process data of all types from anywhere, at any speed, and transforms data into insights that can be used in workflows through applications.

These capabilities can be consumed as a full stack analytics engine or as API components embedded in other custom OEM solutions.

In addition, we have embedded AI data analytics in all our major offerings.

Information management in the cloud, secure and intelligent and at scale;

customers will benefit from our enhanced offerings.

Our AI and analytics capabilities within Content Cloud leverage structured or unstructured data to help organizations improve decision-making, gain operational efficiencies and increase visibility through interactive dashboards, reports and data visualizations.

It leverages a comprehensive set of data analytics software, such as text mining, natural language processing, interactive visualizations and machine learning, to identify patterns, relationships, risks and trends that are used for predictive process automation and accelerated decision making.

Our Magellan, Vertica, and IDOL solutions support composite AI for improved accuracy, and we help customers turn repositories of operational and experience information into clean and integrated “data lakes” that can be mined by AI to extract useful knowledge and insight for our customers.

Application Automation Cloud

The OpenText Application Automation Cloud focuses on helping customers re-engineer processes and quickly adapt to complex needs to deliver seamless customer and employee applications.

Our cloud ready solutions speed up the development of case and process-driven applications with low-code, drag-and-drop components, reusable building blocks and pre-built accelerators to build and deploy solutions more easily.

The Application Automation Cloud provides performance to functional testing, and lifecycle management of applications with improved visibility.

Within our applications automation space, we help customers move workloads into the cloud by integrating customer applications they have on mainframes and older infrastructures.

From mainframe development tools to host connectivity, our products deliver value managing a fast-paced and ever-changing IT landscape.

Customers can innovate

faster, with lower risk, by transforming their core business applications, processes, and infrastructure—from mainframe to cloud.

Developers Cloud

Developers can access API, cloud services and software development kits (SDK) from our six business cloud offerings, through the OpenText Developer Cloud, making it faster and easier to build, extend and customize Information Management applications.

Our solutions help R&D teams engage with our community of developers to innovate and build custom applications.

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Organizations can gain an information advantage and quickly turn ideas into solutions with OpenText APIs to build, integrate and customize Information Management applications.

Developers choose from a rich set of Information

Management services to manage information from any source, for any use case, including capture, archive, digital signature, workflow and case management.

OpenText APIs empower developers to focus on code-based innovation with a single, secure, infrastructure agnostic platform, freely available technical documentation and an open and engaged developer community to share knowledge and best practices to solve problems and create new solutions.

Our innovation roadmap includes APIs as a deployment option for all new products.

OpenText provides a range of customer solutions through professional and managed services, whether off-cloud, in the OpenText Cloud, in hybrid scenarios or other clouds, including our partners:

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Our Cloud Managed Services offering provides customers with a single point of contact and a single service level agreement for OpenText solutions managed in our partner’s clouds.

As an organization, we are committed to “Total Growth”, meaning we strive towards delivering value through organic initiatives, innovations and acquisitions, as well as financial performance.

With an emphasis on increasing recurring revenues and expanding our margins, we believe our Total Growth strategy will ultimately drive overall cash flow generation, thus helping to fuel our disciplined capital allocation approach and further our ability to deepen our account coverage and identify and execute strategic acquisitions.

As an organization, we are committed to “Total Growth”, meaning we strive towards delivering value through organic initiatives, innovations and acquisitions.

With an emphasis on increasing recurring revenues and expanding profitability, we believe our Total Growth strategy will ultimately drive cash flow growth, thus helping to fuel our innovation, broaden our go-to-market distribution and identify and execute strategic acquisitions.

With strategic acquisitions, we are well positioned to expand our product portfolio and improve our ability to innovate and grow organically, which helps us to meet our long-term growth targets.

We believe our Total Growth strategy is a durable model, that we believe will create both near and long-term shareholder value through organic and acquired growth, capital efficiency and profitability.

Our Total Growth strategy is a durable model, that we believe will create both near and long-term shareholder value through organic and acquired growth, capital efficiency and profitability.

As a global leader in Information Management, we know customers need an integrated set of cloud products, solutions and services as a foundation for efficiency and growth.

The cloud is a strategic business imperative that drives customers’ investment in product innovation, business agility, operational efficiency and cost management.

We are committed to continuing our investment in the OpenText Cloud to better suit the evolving needs of our customers.

We are committed to continuous innovation.

Our investments in R&D push product innovation, increasing the value of our offerings to our installed customer base, which includes Global 10,000 companies (G10K), SMB and consumers.

Over the last three fiscal years, we have invested a cumulative total of $1.5 billion in R&D or 13.6% of cumulative revenue for that three-year period.

On an annual basis, we continue to target to spend 14% to 16% of revenues on R&D expense.

With our innovation roadmap delivered, we believe we have fortified our support for customer choice:

private cloud, public cloud, off-cloud, and API cloud.

Our investments in R&D push product innovation, increasing the value of our offerings to our installed customer base and new customers, which includes G10K, enterprise companies, public sector agencies, mid-market companies, SMB and consumers.

The G10K are the world’s largest companies, ranked by estimated total revenues, as well as the world’s largest governments and organizations.

More valuable products, coupled with our established global partner program, lead to greater distribution and cross-selling opportunities which further help us to achieve organic growth.

Over the last three fiscal years, we have invested a cumulative total of $1.2 billion in R&D or 12.3% of cumulative revenue for that three-year period.

On an annual basis, we target to spend 12% to 14% of revenues for R&D expense.

As a global leader in Information Management, we know customers need an integrated set of cloud products, solutions and services as a foundation for efficiency and growth.

The cloud is a strategic business imperative that drives customers’ investment in product innovation, business agility, operational efficiency and cost management.

OpenText expects the cloud to be our largest driver of growth.

We are committed to continuing our investment in the OpenText Cloud to best suit the evolving needs of our customers.

Supported by a global, scalable and secure infrastructure, OpenText Cloud Editions includes a foundational platform of technology services, and packaged business applications for industry and business processes.

OpenText Cloud Editions enables organizations to protect and manage information in public, private or hybrid deployments at scale.

We remain a value oriented and disciplined acquirer, having efficiently deployed $13.4 billion on acquisitions over the last 10 fiscal years.

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We expect to continue to acquire strategically, to integrate and innovate, and to deepen and strengthen our intelligent information platform for customers.

We regularly evaluate acquisition opportunities and at any time may be at various stages of discussion with respect to such opportunities.

We regularly evaluate acquisition and divestiture opportunities and at any time may be at various stages of discussion with respect to such opportunities.

For additional details on our acquisitions, please see “Acquisitions During the Last Five Fiscal Years”, elsewhere in Item 1 of this Annual Report on Form 10-K.

In March 2020, COVID-19 was characterized as a pandemic by the World Health Organization.

The spread of COVID-19 has significantly impacted the global economy and has adversely impacted and may continue to adversely impact our operational and financial performance.

The extent of the adverse impact of the pandemic on the global economy and markets will continue to depend, in part, on the length and severity of the measures taken to limit the spread of the virus, the availability, effectiveness and use of treatments and vaccines and on actual and potential resurgences.

We are closely monitoring the potential effects and impact on our operations, businesses and financial performance, including liquidity and capital usage, though the extent is difficult to fully predict due to the evolution of this uncertain situation.

We continue to conduct business with modifications to employee travel and work locations and also virtualization of certain events, along with modified interactions with customers and suppliers, among other modifications.

In addition, as many local governments and officials have started lifting pandemic restrictions in accordance with the guidance of public health experts, in July 2022, we implemented a Flex-Office program in which a majority of our employees work a portion of their time in the office and a portion remotely.

See “We have implemented a Flex-Office program, which will subject us to certain operational challenges and risks” in Part I, Item 1A “Risk Factors” included elsewhere within this Annual Report on Form 10-K.

We will continue to actively monitor the impact of the COVID-19 pandemic on all aspects of our business and geographies, including customer purchasing decisions, and may take further actions that alter our business operations, including our Flex-Office program, as may be required by governments, or that we determine are in the best interest of our employees, customers, partners, suppliers and shareholders.

It is uncertain and difficult to predict what the potential effects any such alterations or modifications may have on our business including the effects on our customers and prospects, or our financial results and our ability to successfully execute our business strategies and initiatives.

The ongoing and ultimate impact of the COVID-19 pandemic on our operations and financial performance depends on many factors that are not within our control.

For more information, please see Part I, Item 1A “Risk Factors” included elsewhere within this Annual Report on Form 10-K.

OpenText Revenues

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Cloud Services and Subscriptions

Cloud services and subscriptions revenues consist of (i) SaaS offerings, (ii) APIs and data services, (iii) hosted services and (iv) managed service arrangements.

Cloud services and subscriptions revenues consist of (i) software as a service (SaaS) offerings, (ii) APIs and data services, (iii) hosted services and (iv) managed service arrangements.

These offerings allow customers to transmit a variety of content between various mediums and to securely manage enterprise information without the commitment of investing in related hardware infrastructure.

We offer B2B integration solutions such as messaging and managed services.

Messaging services allow for the automated and reliable exchange of electronic transaction information, such as purchase orders, invoices, shipment notices and other business documents, amongst businesses worldwide.

OpenText expects the cloud to be our largest driver of growth.

Managed services provide an end-to-end fully outsourced B2B integration solution to our customers, including program implementation, operational management and customer support.

Our cloud-based Business Network enables customers to effectively manage the flow of electronic transaction information with their trading partners and reduces the complexity of disparate standards and communication protocols.

Customer Support

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Together as partners, we fulfill key market objectives to drive new business, establish a competitive advantage and create demonstrable business value.

Our OpenText Partner Network offers five distinct programs:

Strategic Partners, Global Systems Integrators, Resellers, Technology and Managed Service Providers.

This creates an extended organization to develop technologies, repeatable service offerings and solutions that enhance the way our customers maximize their investment in our products and services.

Through the OpenText Partner Network, we are extending market coverage, building stronger relationships and providing customers with a more complete local ecosystem of partners to meet their needs.

Each distinct program is focused to provide valuable business benefits to the joint relationship.

We have a number of strategic partnerships that contribute to our success.

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• SAP SE (SAP) :

We are SAP’s partner for content services.

We partner with SAP on content services.

The OpenText Suite for SAP solutions provides key business content within the context of SAP business processes providing enhanced efficiencies, reduced risk and better experiences for customers, employees and partners - accessible anywhere and anytime and available on and off-cloud.

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The company-to-company partnership between OpenText and Salesforce is focused on growing a full portfolio of Information Management solutions to complement the Salesforce ecosystem by uniting the structured and unstructured information experience.

Our Global Partner Program offers five distinct programs:

Referral, Reseller, Services, Technology and Support.

This creates an extended organization to develop technologies, repeatable service offerings and solutions that enhance the way our customers maximize their investment in our products and services.

Through the Global Partner Program, we are extending market coverage, building stronger relationships and providing customers with a more complete local ecosystem of partners to meet their needs.

Each distinct program is focused to provide valuable business benefits to the joint relationship.

• DXC Technology Company (DXC) :

We partner with DXC to deliver mission critical IT services to global companies including testing solutions, application development and IT operations management for the optimization and modernization of data centers.

Global Systems Integrators (GSIs) provide customers with digital transformational services around OpenText technologies.

They are trained and certified on OpenText solutions and enhance the value of our offerings by providing technical credibility and complementary services to customers.

Our GSIs include Accenture plc, ATOS International S.A.S., Capgemini Technology Services SAS, Cognizant Technology Solutions U.S.

Corp., Deloitte Consulting LLP and Tata Consultancy Services (TCS).

Our GSIs include DXC, Accenture plc, Capgemini Technology Services SAS, Deloitte Consulting LLP, Hewlett Packard Enterprises and Tata Consultancy Services (TCS).

Our partner program also enables MSPs, resellers, distributors and network and security vendors to grow through cloud-based cybersecurity, threat intelligence and backup and recovery solutions aimed at the SMB and consumer markets.

We provide the industry-specific tools, services, training, integrations, certifications and platforms our partners need to ensure trust and reliability with their customer base.

We currently have over 22,000 MSPs in our network and it is expected to grow.

This is a key go-to-market channel for us as MSPs act as an intermediary between the solutions vendors like OpenText and the SMB market.

We currently have over 22,000 MSPs in our network which provide a key go-to-market channel for us as MSPs act as intermediaries between the solutions vendors like OpenText and the SMB market.

An MSP specializes in their local market and provides managed services to their clients.

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We compete with multiple companies, some that have single or narrow solutions and some that have a range of information management solutions, like us.

Our primary competitor is International Business Machines Corporation (IBM), with numerous other software vendors competing with us in the Information Management sector, such as Hyland Software Inc., Datto Holding Corp., Quadient SA, Veeva Systems Inc., SPS Commerce Inc., Box Inc., CrowdStrike Holdings Inc.

Our primary competitor is International Business Machines Corporation (IBM), with numerous other software vendors competing with us in the Information Management sector, such as Box Inc., Hyland Software Inc., Alfresco Software Inc., ServiceNow Inc., Atlassian Corp., Splunk Inc., Gen Digital Inc.

and Adobe Inc.

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As a result, our success, in part, depends on our ability to continually enhance our existing products in a timely and efficient manner and to develop and introduce new products that meet customer needs while reducing total cost of ownership.

To achieve these objectives, we have made and expect to continue to make investments in research and development, through internal and third-party development activities, third-party licensing agreements and potentially

through technology acquisitions.

We expect a significant amount of our future R&D investment will be in cloud-based technologies.

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Below is a summary of certain significant acquisitions we have made over the last five fiscal years.

• On January 31, 2023, we acquired Micro Focus, a leading provider of mission-critical software technology and services that help customers accelerate digital transformations, for $6.2 billion (the Micro Focus Acquisition).

• On December 23, 2021, we acquired Zix, a leader in SaaS based email encryption, threat protection and compliance cloud solutions for SMBs, for $894.5 million.

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• On December 17, 2018, we acquired Liaison, a leading provider of cloud-based business to business integration, for $310.6 million.

• O n February 14, 2018, we acquired Hightail, a leading cloud service for file sharing and creative collaboration, for $20.5 million.

• On September 14, 2017, we acquired Guidance, a leading provider of forensic security solutions, for $240.5 million.

• On July 26, 2017, we acquired Covisint, a leading cloud platform for building Identity Access Management, Automotive and IoT applications, for $102.8 million.

We believe our acquisitions support our long-term strategy for growth, strengthen our competitive position, expand our customer base and provide greater scale to accelerate innovation, grow our earnings and provide superior shareholder value.

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In Fiscal 2024 we intend to continue to implement strategies that are designed to:

Broaden Our Information Management Reach into the G10K.

As technologies and customers become more sophisticated, we intend to be a leader in expanding the definition of traditional market sectors.

We continue to expand our direct sales coverage of the G10K as we focus on connecting this marquee customer base to our information platform.

Invest in Innovation.

We believe we are well-positioned to develop additional innovative solutions to address the evolving market.

We plan to continue investing in technology innovation by funding internal development, acquiring complementary technologies and collaborating with third parties.

Invest in the Cloud.

Today, the destination for innovation is indisputably the cloud.

Today, the destination for innovation is the cloud.

Businesses of all sizes rely on a combination of APIs, public and private clouds, managed services and off-cloud solutions.

As a result, we are committed to continue to modernize our technology infrastructure and leverage existing investments in the OpenText Cloud.

The combination of OpenText cloud-native applications and managed services, together with the scalability and performance of our partner public cloud providers, offer more secure, reliable and compliant solutions to customers wanting to deploy cloud-based Information Management applications.

The combination of

OpenText cloud-native applications and managed services, together with the scalability and performance of our partner public cloud providers, offer more secure, reliable and compliant solutions to customers wanting to deploy cloud-based Information Management applications.

OpenText Cloud Editions is designed to build additional flexibility and scalability for our customers:

becoming cloud-native, connecting anything and extending capabilities quickly with multi-tenant SaaS applications and services.

Invest in AI.

We believe that customers are seeking practical AI and OpenText is in a strong position to help customers discover the most prevailing use cases that leverage an interconnected source of all data types (content, business network, customer experience, IT service management, application development, asset management, IoT, etc.).

We believe one of the greatest opportunities is to help customers leverage their operational and experience data with generative AI to discover new insights for efficiency and competitive advantages.

We strive to co-innovate with customers by taking the proven concept of machine learning and applying it to their organizational needs.

Broaden Global Presence .

As customers become increasingly multi-national and as international markets continue to adopt Information Management solutions, we plan to further grow our brand, presence and partner networks in these new markets.

We are focused on using our direct sales for targeting existing G10K customers and plan to address new geographies and SMB customers, jointly with our partners.

Broaden Our Information Management Reach into the G10K.

As technologies and customers become more sophisticated, we intend to be a leader in expanding the definition of traditional market sectors.

We continue to expand our direct sales coverage of the G10K as we focus on connecting this marquee customer base to our information platform.

Deepen Existing Customer Footprint .

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We will continue to look for ways to create more customer value from our strategic partnerships.

Broaden Global Presence .

We are focused on using our direct sales for targeting existing G10K customers and plan to address new geographies and SMB customers, jointly with our partners.

Deliver Organic Growth.

We are focused on investing and delivering on future organic growth.

We are focused on investing and delivering on organic growth.

The Information Management market is large and is expected to continue to grow and we expect cloud to be our leading growth driver.

We have multiple initiatives that are designed to deliver organic growth.

We are guiding our customers along their cloud journey, investing in our mid-market channel and deepening our relationships with our partners and hyperscalers.

As customers move more into the cloud, it will facilitate cross-sell and upsell opportunities across the product portfolio and geographies.

We have multiple initiatives that are designed to deliver organic growth including;

guiding our customers along their cloud journey, investing in our mid-market channel and deepening our relationships with our partners and hyperscalers.

As customers move into the cloud, it will facilitate cross-sell and upsell opportunities across the product portfolio and geographies.

Execute on Deleveraging Goals.

As part of the Micro Focus Acquisition, the Company announced an initiative to deleverage our balance sheet through the repayment of outstanding debt instruments utilizing the free cash flows generated from our combined operations.

We intend to maintain our dividend during our deleveraging initiatives which is aimed at enhancing our continued commitment to returning value to our shareholders.

Selectively Pursue Acquisitions.

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Our ability to attract, retain and engage a diverse workforce committed to innovation, operational excellence and the OpenText mission and values across our global footprint is a cornerstone to our success.

As of June 30, 2022, we employed a total of approximately 14,800 individuals, of which 7,150 or 49% are in the Americas, 2,720 or 18% are in EMEA and 4,930 or 33% are in Asia Pacific.

As of June 30, 2023, we employed a total of approximately 24,100 individuals, of which approximately 9,700 joined our workforce as part of the Micro Focus Acquisition.

Of the total 24,100 individuals we employed as of June 30, 2023, 9,050 or 38% are in the Americas, 5,750 or 24% are in EMEA and 9,300 or 38% are in Asia Pacific.

Currently, we have employees in 45 countries enabling strong access to multiple talent pools while ensuring reach and proximity to our customers.

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We believe that relations with our employees are strong.

None of our employees are represented by a labour union, nor do we have collective bargaining arrangements with any of our employees.

However, in certain European jurisdictions in which we operate, a “Workers' Council” represents our employees.

Employee Safety / COVID-19 Response

In response to the COVID-19 pandemic, we implemented Project Shield as a business continuity plan to address employee, customer, facility and technology-related challenges associated with the pandemic.

Project Shield maintains the overarching principle of providing safe environments for our employees, customers, partners, as well as the communities where we work.

Project Shield takes a strong human capital focus, including enabling well-researched global awareness, post-pandemic support for our employees and managing a safe return to our workplace.

We focus on analyzing key COVID-19 related data and public health protocols to support executive decisions, ensuring regular executive and employee communications and making strong connections with leaders around the world to respond swiftly to local changes.

Over the course of the pandemic, we have ensured our benefit programs support employees, and we established the OpenText Employee Relief Fund to provide financial assistance for employees requiring additional support for medical costs related to contracting COVID-19.

Project Shield extended our work from home approach at the beginning of Fiscal 2022 providing employees with continued flexibility and safety globally.

In July 2022, we implemented our Flex-Office program in which a majority of our employees work a portion of their time in the office and a portion remotely.

In certain jurisdictions, where it is customary to do so, a “Workers’ Council” or professional union represents our employees.

Employee Safety and Remote Work

The OpenText COVID-19 pandemic response program, Project Shield, evolved in Fiscal 2023 with the global lifting of COVID-19 safety restrictions.

While active, Project Shield kept teams informed with comprehensive resources and current COVID-19 information, including a dedicated platform with helpful health and safety protocols for our employees returning to the office.

As of January 2023, all office-based employees were granted the flexibility to work from home up to 40% of their time.

Project Shield worked alongside our internal teams to launch our flexible approach to return to the office.

We continue to invest in software and hardware along with office redesign to support a flexible workforce where teams can collaborate and be productive.

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Our past experiences continue to inform our future workplace standards and practices.

We remain committed to maintaining a healthy workplace where all employees and office visitors feel safe and respected by implementing new health and safety protocols aligned with regional guidelines.

See “We have a Flex-Office program, which subjects us to certain operational challenges and risks” in Part I, Item 1A “Risk Factors” included elsewhere within this Annual Report on Form 10-K.

Employee Engagement

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Participation level and engagement have remained high.

Throughout the phases of the pandemic, employee communication and listening strategies increased, including supplemental surveys ranging from topics of well-being, feedback from new hires on the quality of their onboarding and office re-opening plans.

Throughout the phases of the global health pandemic, employee communication and listening strategies increased, including supplemental surveys ranging from topics of well-being, feedback from new hires on the quality of their onboarding and office re-opening plans.

Environmental, Social and Corporate Governance

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We also provide employees three paid days off to volunteer and make an impact to the causes that matter most to them.

In addition, the OpenText Navigator Fund identifies and addresses key needs in our communities.

We launched the Navigator Internship Program to create pathways to digital jobs for Indigenous and under-represented minority students.

Recognizing that many millions of families are still recovering from the economic impact of the pandemic, we dedicated the holiday season to supporting food banks globally.

In addition, we launched the Navigator Internship Program to create pathways to digital jobs for Indigenous and under-represented minority students.

To operate long-term, we need to ensure that our local communities and the natural environment are thriving.

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We integrate the consideration of environmental concerns and impacts into our everyday decision making and business activities.

Externally, we promote sustainable consumption by developing and promoting environmentally sound technologies to support our customers’ digital transformations, including transitioning to the cloud environment.

Externally, we promote sustainable

consumption by developing and promoting environmentally sound technologies to support our customers’ digital transformations, including transitioning to the cloud environment.

Internally, we continue to develop, implement and manage company-wide environmental initiatives.

See “Increased attention from shareholders, customers and other key relationships regarding our CSR and ESG practices could impact our business activities, financial performance and reputation” in Part I, Item 1A “Risk Factors” included elsewhere within this Annual Report on Form 10-K.

Equity, Diversity and Inclusion (ED&I)

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These compliance programs ensure that we operate our business with integrity, following standard business ethics across the globe.

Corporate Mission

Overall, our people programs and actions are driven by our mission.

• Our Mission:

We power and protect information

• Our Purpose:

To elevate every person and every organization to gain the information advantage

Available Information

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All statements made in any of our securities filings, including all forward-looking statements or information, are made as of the date of the document in which the statement is included, and we do not assume or undertake any obligation to update any of those statements or documents unless we are required to do so by applicable law.

Investors should note that we may announce information using our website, press releases, securities law filings, public conference calls, webcasts and the social media channels identified on the Investors section of our website (https://investors.opentext.com).

Such social media channels may include the Company’s or our CEO’s blog, Twitter account or LinkedIn account.

The information posted through such channels may be material.

Accordingly, investors should monitor such channels in addition to our other forms of communication.

Unless otherwise specified, such information is not incorporated into, or deemed to be a part of, our Annual Report on Form 10-K or in any other report or document we file with the SEC under the Securities Act, the Exchange Act or under applicable Canadian securities laws.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business