Welcome!

News Feed Item

OpenText Unveils Canadian Venture Capital Strategy: Lead Industry Sponsor in Canadian $217m VCAP Fund of Funds; Announces $100m Enterprise Application Fund to Close in mid-2014

Company Expects to Close on OpenText Enterprise Applications Venture Fund Within Six Months; Enables App Development & Entrepreneurship with AppWorks Platform

WATERLOO, Ontario, Jan. 21, 2014 /PRNewswire/ -- OpenText™ (NASDAQ: OTEX, TSX: OTC), the global leader in Enterprise Information Management (EIM) and Canada's largest software company, today announced it is the lead industry sponsor in a newly created 'fund of funds' that will invest in high-potential venture capital fund managers across Canada to seed innovation. The company also expects to close in the next six months with its financial partners, a $100 million OpenText Enterprise Applications Venture Fund to infuse funding directly into creative app development. OpenText announced in November, 2013 its own AppWorks developer platform to dramatically accelerate the time to market for enterprise-grade applications.

(Logo: http://photos.prnewswire.com/prnh/20130730/CL55531LOGO)

"Canadian entrepreneurs have talent, skill and passion, but have limited access to venture capital and technology to take their ideas from concept to commercialization," said OpenText President and CEO Mark J. Barrenechea. "OpenText is committed to supporting Canadian innovation by helping to level the playing field for global competition. Our investment on multiple levels – fund of funds, direct funding to entrepreneurs, and an app platform to build on -- will have positive impact regionally, provincially and nationally."

The announcements were made at a Venture Capital in Canada event sponsored by OpenText, hosted by Waterloo Region tech organization Communitech, and with participation from Canada's Minister of State Gary Goodyear and Premier of Ontario Kathleen Wynne. The event was staged today at the Tannery building in downtown Kitchener which houses Communitech's 44,000-square-foot incubation hub. The provincial government is among the institutional investors in the fund along with lead industry sponsor OpenText.

Minister Goodyear told the audience comprised of entrepreneurs, students, Waterloo Region tech leaders, staff of Communitech and OpenText that Northleaf Capital Partners has been selected as fund manager for the new fund of funds established under the federal government's Venture Capital Action Plan (VCAP). See government press release here.

Prime Minister Stephen Harper announced the VCAP program in January, 2013 in response to recommendations provided in "The Jenkins Report", a report created by the Panel on R&D chaired by Tom Jenkins, Chairman of OpenText and Chair of the Canadian Digital Media Network.

"Today's announcement addresses a gap in our innovation system in Canada," said Mr. Jenkins. "This is a positive step to support Canadian entrepreneurial activity and drive the creation of new, high-quality jobs and opportunities in the digital economy."

While the VCAP fund of funds will infuse funding into a Venture Capital Fund which then provides funds to startups, OpenText's new Enterprise Application Venture Fund will provide funding directly to entrepreneurs, broaching the issue of a funding gap for innovation on two fronts. The goal of the Enterprise App Venture Fund is to seed business application development and spur innovation and entrepreneurship in Canada. The OpenText Enterprise App fund will directly support promising companies leveraging innovative ideas that drive productivity for customers, fueling the tech ecosystem and possibly enabling 'the next big thing' in tech. OpenText will be a minority investor in each fund, with financing to occur over a number of years consistent with the fund investment profile.

"Today's announcement is incredibly important for the technology sector in Canada" said Iain Klugman, CEO of Communitech, "as the addition of risk capital will provide opportunities for Canadian entrepreneurs to start and grow companies here at home. Access to capital is one of the key ingredients in building a world class technology cluster, and this announcement ensures the next generation of companies in Waterloo Region will have access to the capital necessary to build their companies and compete internationally."

The announcement of the OpenText Enterprise Application Fund follows closely on availability of OpenText AppWorks, the new OpenText Developer platform announced and delivered for developers in November at OpenText's largest-ever user conference Enterprise World. AppWorks is an HTML5 Enterprise Apps platform leveraging OpenText EIM Suites to dramatically accelerate time-to-market for Enterprise-grade applications which developers can write once and have run on mobile devices and web browsers without additional effort. Coupled with access to Open Data, OpenText envisions unleashing the imagination of app developers globally, creating enterprise quality innovations. Entrepreneurs can get on board at: https://developer.opentext.com

Learn more about OpenText EIM:

About OpenText
OpenText provides Enterprise Information Management software that helps companies of all sizes and industries to manage, secure and leverage their unstructured business information, either in their data center or in the cloud. Over 50,000 companies already use OpenText solutions to unleash the power of their information. To learn more about OpenText (NASDAQ: OTEX; TSX: OTC), please visit: www.opentext.com.

Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Copyright ©2014 Open Text Corporation. OpenText is a trademark or registered trademark of Open Text SA and/or Open Text ULC. The list of trademarks is not exhaustive of other trademarks, registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text SA or other respective owners. All rights reserved. For more information, visit: http://www.opentext.com/2/global/site-copyright.html_SKU.

SOURCE OpenText

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
"We are a leader in the market space called network visibility solutions - it enables monitoring tools and Big Data analysis to access the data and be able to see the performance," explained Shay Morag, VP of Sales and Marketing at Niagara Networks, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
"We are a modern development application platform and we have a suite of products that allow you to application release automation, we do version control, and we do application life cycle management," explained Flint Brenton, CEO of CollabNet, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Regulatory requirements exist to promote the controlled sharing of information, while protecting the privacy and/or security of the information. Regulations for each type of information have their own set of rules, policies, and guidelines. Cloud Service Providers (CSP) are faced with increasing demand for services at decreasing prices. Demonstrating and maintaining compliance with regulations is a nontrivial task and doing so against numerous sets of regulatory requirements can be daunting task...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
"This is specifically designed to accommodate some of the needs for high availability and failover in a network managed system for the major Korean corporations," stated Thomas Masters, Managing Director at InfranicsUSA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.