|By PR Newswire||
|January 21, 2014 06:37 PM EST||
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.
"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:
- Read the blog of Mark Barrenechea, OpenText's CEO
- OpenText EIM Resource Center offers the latest customer videos, whitepapers and more
- Connect with 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.
A producer of the first smartphones and tablets, presenter Lee M. Williams will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. In his session at @ThingsExpo, Lee Williams, COO of ETwater, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ET...
Aug. 31, 2015 09:30 AM EDT Reads: 120
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
Aug. 31, 2015 08:30 AM EDT Reads: 198
U.S. companies are desperately trying to recruit and hire skilled software engineers and developers, but there is simply not enough quality talent to go around. Tiempo Development is a nearshore software development company. Our headquarters are in AZ, but we are a pioneer and leader in outsourcing to Mexico, based on our three software development centers there. We have a proven process and we are experts at providing our customers with powerful solutions. We transform ideas into reality.
Aug. 31, 2015 07:45 AM EDT Reads: 532
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...
Aug. 31, 2015 06:00 AM EDT Reads: 393
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
Aug. 31, 2015 04:00 AM EDT Reads: 403
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...
Aug. 31, 2015 04:00 AM EDT Reads: 224
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
Aug. 31, 2015 03:00 AM EDT Reads: 482
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Aug. 31, 2015 02:00 AM EDT Reads: 450
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
Aug. 30, 2015 11:45 PM EDT Reads: 396
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Aug. 30, 2015 10:00 PM EDT Reads: 348
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
Aug. 30, 2015 06:45 PM EDT Reads: 370
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
Aug. 30, 2015 05:00 PM EDT Reads: 466
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
Aug. 30, 2015 05:00 PM EDT Reads: 134
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Aug. 30, 2015 04:00 PM EDT Reads: 155
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
Aug. 30, 2015 01:30 PM EDT Reads: 223