The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Information / Communication Computer Programming, Consultancy And Related Activities Computer Programming, Consultancy And Related Activities 62 - Computer programming, consultancy and related activities
525 jobs Number of planned job losses
Announcement Date
17 October 2006
Employment effect (start)
1 July 2007
Foreseen end date
31 December 2007
Description
Software maker Open Text Corp. announced on 17 October 2006 its plans to cut 15% of its worldwide workforce of 3,500. The company announced that it has yet to determine where and when (between July and December 2007) the job cuts will take place. The company, with sites in Canada, France, Germany, Sweden and Georgia, informed that more details on the cutbacks should come by the end of the year.
Open Text's chief executive officer stated in a press release that the workforce reduction is the result of Open Text's purchase of rival Hummingbird Ltd., which closed on 2 October 2006 for the ammount of 489 million USD. Employees from both Open Text and Hummingbird may lose their jobs.
Sources
18 October 2006: Les Actualités de 01Net
Citation
Eurofound (2006), Open Text Corp., Merger/Acquisition in World, factsheet number 64272, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64272.
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