Waterloo-based OpenText to purchase cloud security firm Carbonite

The company's shares surged after it made the announcement

Waterloo-based software company OpenText Corp, announced that it plans to purchase Carbonite in a $1.4 billion USD (approximately 1.8 billion CAD) deal.

Carbonite is a Boston-based cloud backup solutions company that offers software to protect both personal and business data.

OpenText’s shares surged once the company made the announcement. It hopes that its purchase will strengthen its projects and help it to advance in the cloud-based software industry.

Through the acquisition, OpenText will be able to leverage Carbonite’s focus in cloud-based subscription data protection, disaster recovery, and backup. It will also allow the company to enhance its current security offerings.

This is the ninth purchase that OpenText has made towards cloud-computing. The deal is expected to be finalized within 90 days.

Source: CBC News