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News Breaks
April 25, 2013
10:14 EDTJCOM, OTEXJ2 Global enters settlement and patent license deal with Open Text
j2 Global (JCOM) disclosed in a regulatory filing that it has entered into a settlement and patent license agreement with Open Text Corporation (OTEX) to resolve patent litigation asserted by the company and its affiliates against Open Text its affiliates. Open Text will pay j2 Global $27M in exchange for a fully paid up license to the Licensed j2 Patents for fax software and services sales to enterprise and corporate customers. Open Text has also agreed pay j2 Global a running royalty for a license to the Licensed j2 Patents for sales of fax software and services to individual and small office/home office customers, provided that such royalty exceeds a stipulated minimum amount. j2 Global said I will recognize a portion of the $27M as revenues and income during Q2 and the balance on a quarterly basis over the lives the Licensed j2 Patents. The company and Open Text have agreed to cause all outstanding litigation between them and their affiliates to be dismissed with prejudice and have granted each other full mutual releases, j2 said.
News For JCOM;OTEX From The Last 14 Days
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May 20, 2015
19:02 EDTOTEXOn The Fly: After Hours Movers
UP AFTER EARNINGS: salesforce.com (CRM), up 6.6%... Williams-Sonoma (WSM), up 4%. ALSO HIGHER: CTPartners (CTP), up 42% after agreeing to exclusive negotiations to be acquired by DHR International. DOWN AFTER EARNINGS: Xunlei (XNET), down 14.9%... NetApp (NTAP), down 8%... Open Text (OTEX), down 7.7%.... Rexnord (RXN), down 7.1%... Synopsys (SNPS), down 1.5%... Youku Tudou (YOKU), down 1.2%. ALSO LOWER: Wave Systems (WAVX), down 8.5% after filing to sell Class A common stock and warrants... OXiGENE (OXGN), down 5.1% after filing mixed securities shelf.
16:06 EDTOTEXOpenText announces restructuring plans
The company announced that it is initiating a restructuring program in conjunction with organizational changes to support its Cloud strategy and drive further operational efficiencies. Barrenechea said, "Effective immediately, we are announcing a simplification of our business structure around Enterprise, Information Exchange and Analytics, as well as a new Global Technical Services organization. This structure will allow us to scale as we continue to acquire complementary businesses over time, and will provide additional focus on winning the customer and capturing the lifetime value of that relationship. As a result of the restructuring, we expect to save approximately $50M in annualized operating expense, accretive to FY16 earnings and with little to no impact on revenues." The restructuring program costs are primarily related to employee severance arrangements and facility expenses, and are expected to result in a pre-tax restructuring charge of approximately $25M, total cash payments in the same amount, and a reduction in the company's workforce by approximately 5%. The company expects these charges to be incurred, and the costs to be paid out, substantially in the 1Q16.
16:05 EDTOTEXOpenText sees Q4 EPS 64c-72c, consensus 89c
Sees Q4 revenue $440M-$455M, consensus $487.78M. Barrenechea commented, "We continue to experience significant foreign exchange volatility due to the strengthening of the U.S. dollar. Our outlook is adjusted for anticipated negative foreign exchange impacts of approximately $44M to revenue and approximately 11c to adjusted EPS compared to the Fourth Quarter Fiscal 2014. These currency movements, which represent the majority of the adjustment, combined with the impact of our customers transitioning to the Cloud and a challenging global selling environment, form the basis for our Fourth Quarter Fiscal 2015 outlook today."
16:03 EDTOTEXOpenText CEO resumes full involvement in day-to-day operations
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