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Rocket Software Buys OpenText’s App Modernization & Connectivity Business for $2.3B; Milan Shetti Quoted

Rocket Software, a portfolio company of Bain Capital Private Equity, has closed its acquisition of OpenText’s (Nasdaq: OTEX) application modernization and connectivity business for approximately $2.3 billion.

Rocket Software said Tuesday it expects the transaction to increase its revenue by 60 percent and broaden its client base to over 12,500 companies worldwide.

The software company will also absorb more than 770 software engineers, go-to-market professionals and other personnel from OpenText and continue to develop AMC products to expand its portfolio of mainframe modernization platforms and software offerings.

The acquisition of the OpenText AMC business is a significant milestone that sets a similar new standard for modernization innovation and excellence at Rocket Software and greatly accelerates our strategic growth and market penetration,” said Milan Shetti, president and CEO of Rocket Software.

We now have the solutions, resources and expertise to tackle modernization challenges at scale, and the continued flexibility, winning culture, proven partnerships and growth mindset necessary to help our customers win today and well into the future,” added Shetti.

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