OpenText’s application modernization and connectivity business has been acquired by Rocket Software, a company owned by Bain Capital Private Equity, for a total of $2.3 billion. This acquisition is expected to boost Rocket Software’s revenue by 60% and expand its client base to more than 12,500 companies worldwide. With the addition of over 770 software engineers and professionals from OpenText, the software company aims to enhance its mainframe modernization platforms and software offerings.
Milan Shetti, the president and CEO of Rocket Software, stated that this acquisition marks a significant milestone for the company, establishing a new standard for modernization innovation and excellence. The acquisition will fast-track Rocket Software’s strategic growth and market reach, providing the company with the solutions, resources, and expertise to address modernization challenges on a larger scale.
According to Shetti, the company’s flexibility, strong culture, partnerships, and growth mindset will enable them to help customers succeed in the present and future. He emphasized that this acquisition is not just about expanding their customer base but also about offering cutting-edge products and services to a wider audience.
Overall, Rocket Software’s acquisition of OpenText’s AMC business is expected to drive innovation and accelerate growth, positioning the company as a leader in modernization solutions. The acquisition will enable Rocket Software to offer cutting-edge products and services to a wider customer base while further solidifying its reputation in the industry.
