Wednesday 10th December, 2014

OpenText Corporation, a global leader in Enterprise Information Management (EIM), has announced an agreement to acquire Actuate Corporation - The BIRT Company™, a leader in personalised analytics and insights.

Actuate is headquartered in Silicon Valley with more than 5,000 enterprise customers in financial services, technology and government.

Under the terms of the agreement, which has been approved by the boards of directors of both companies, a newly formed, wholly-owned subsidiary of OpenText will commence.

The tender offer is for all outstanding shares of Actuate for $6.60 per share in cash, for a total equity value of approximately $330 million, less Actuate's cash, for an enterprise value of approximately $272 million.

It is expected that the transaction will close in the third quarter of OpenText's fiscal 2015.