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Open Text Rises as Profit Tops Estimates

July 31 (Bloomberg) -- Open Text Corp., Canada’s largest software maker, surged to a record after the company posted quarterly profit that topped analysts’ estimates.

Fiscal fourth-quarter earnings of $1.05 a share, excluding some items, beat the 94 cents that analysts forecast, according to the average estimate compiled by Bloomberg.

Open Text jumped 15 percent to $55.65 today in New York, the highest price since the company’s initial public offering in 1996. It was the biggest gain since August 2010.

Revenue rose 42 percent to a record $494 million, the Waterloo, Ontario-based company said yesterday in a statement. Analysts had projected $478 million. Revenue from remote data storage, or cloud computing, more than tripled to $149 million, adding to earnings for the quarter ended June 30.

“We absolutely expect cloud to be a major contributor in fiscal ’15 and we expect cloud to grow year-over-year,” Chief Executive Officer Mark Barrenechea said in a telephone interview after the results were released.

To contact the reporter on this story: Christina Pellegrini in Toronto at

To contact the editors responsible for this story: Sarah Rabil at

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