If you are a US based opentext employee. It's over. You have no more than one more fiscal year left if you are lucky. The Fort Collins office closed in March last year and they laid off half the staff in July. The remaining teams are seeing India staff infiltration as if they are being trained. The rest of the staff expects to be gone this July.
Sadly, @ez+1jv8bfgj2 is 100% right.
@1fd
Are you out of your mind, or just lying in some weird delusional attempt to curry favor?
EVERY acquisition was followed by a layoff. Primarily from the acquired company. They bought a search product and laid off the entire team in the midst of KT with OT support staff...
The MF acquisition was an albatross about the neck of OT and they are dealing with THAT disastrous acquisition. MB only cares about the stock price. Nothing else.
I doubt your perspective is correct. Don’t forget Opentext has a significant investment working with the US government and those contracts require US employees.
Opentext should’ve done a cleanup after every acquisition, but they didn’t. And I think they’re now realizing the cost of not having done that cleanup.
The reason more Americans were let go, is that a larger proportion of the employees that came into acquisition were in the United States.
Mark only cares about the next 100 days. There is no “real” long term plan other than telling investors that we are using our own AI to save money. All of us internally know that’s not true, but investors hope it is so they can see the stock price go up and be able to sell making a profit. Most shareholders are underwater. We’ll see what happens next month.
At Mark's direction, existing revenue is harmed by mandatory large price increases for license renewals every year. We had happy customers before OT bought us, and the next year they were hit with a 15% price hike with no service increases. We had to go all the way up to the freaking CEO to get a waiver for one of our largest and most visible customers, and it was only good for that one year. I don't know what happened the next year (I was gone by then), but I assume they got sc--wed. With falling revenues from actively chasing away customers, Mark can then justify gutting teams. I don't know what his game is. Does he really think OT makes anything that's so essential that customers are trapped? Pre-acquisition we delivered value and had strong partnerships; after, we felt dirty when working with those customers.
@170 MB doesn’t care.
I'd like to retire someday and give my company 1 minutes notice. No cross training anyone, just let them suffer as they've made so many of my collegues suffer.
This is a zombie company. I was let go in March. My worthless manager was let go in June. There is no one coming to save it. There are one or maybe two product lines that are capable of being salvaged. The rest, the support revenues are steadily on the decline because they are late 90s/early 2000s tech, and haven't had any real significant feature upgrades in 5+ years. The license revenue of the same products have exponentially decreased over the last 10 years. If you're a MF employee and you're still at OT, spend your day applying at other companies. It's only when, and not if you will be let go.
Absolute dumpster fire!
Thanks, Mark and the Board
Narcissism and Hubris are awesome dr-gs!
The stock is more likely to go below $20 than it is to go above $30. I got out of the ESPP program.
The same is happening in Europe/UK