Product development of 10 engineers from CO, USA been told this week to find new employment.
See yaa! Best of luck
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Mark himself has his hands in on both businesses, especially ITOM.
This is NOT GOOD.
Attention from MarkB = d-mb decisions no matter how much money is invested. And a soul crushing work environment
Dust off that CV …..
["Actually, MF's cybersecurity products are excellent."
The mass exodus of customers over the last 7 years says otherwise.]
Really? Which product were you referring to? I know Debricked, FoD are earning more customers..
Interestingly, Mark is maniacally focused on the ITOM and ADM business, pouring funding and headcount and now additional senior leadership over the organizations. Mark himself has his hands in on both businesses, especially ITOM. Sales teams increased, all voluntary resignations backfilled, no hold on expense spend. None of the company is performing if you look at the stock the last 8 quarters so why all the love for these orgs?
"Actually, MF's cybersecurity products are excellent."
The mass exodus of customers over the last 7 years says otherwise.
"There will have to be more significant layoffs coming, we (cybersecurity) are not making any money."
That's why they purchased MF and need its cybersecurity capability. For those who complained about why OT bought MF. I have to admit that not all of MF's products were successful; some of them were horrible. They have the potential for a wide range of products. It's just that MF's former CEO doesn't know how to run a company.
Actually, MF's cybersecurity products are excellent. They have tight standard operating procedures for designing and deploying cybersecurity. When we engaged with the OT cybersecurity team, we discovered that they did not meet the majority of the compliance standards, including no patching, no regular CI/CD process, no central/standard password management, and an outdated system.
When we asked who did regular code reviews and security assessments, we discovered that the majority of teams did not have such processes in place. WTH...that is a basic foundation needed for cybersecurity.
There will have to be more significant layoffs coming, we (cybersecurity) are not making any money. My guess is that, once we have some releases we promised the market in a shippable form, Muhi will begin "rightsizing" the cybersecurity business in earnest. Muhi is not a product guy, he is a cost reduction guy.
You'd think this company would one day realize that cost reduction only makes the books look good for a quarter or two and does nothing to improve the company's standing in the market. The supposed company commitment to customers and innovation feels like it is all for show - an attempt to make it look like OT understands how to support organic growth, how to be relevant. The reality is that no one is willing to accept the inherent risk of pursuing organic growth - so instead, we will cut cut cut until we have nothing left.
Yeah but, there was more than 1 10 person R&D team left in CO, what about the rest of
The lab from Fort Collins? Were they all sacked in thIs round?
I'm just really glad they trademarked "OpenText". I'm sure that name has incredible market value since everyone wants to copy it.
They changed everything!
https://www.opentext.com/products/rebrand
ADM and ITOM products have been rebranded to OpenText, hard to believe they can be sold not, brand recognition is gone
OK - here's what they bought:
MF Modernization - COBOL, Host connectivity etc. Crazy profitable. SOLD
Security/Identity/etc. - some good stuff but, no investment. Bleeding customers.
Collaboration (Novell stuff) - dying - been dying - flatlining, not worth a mention
Vertica - ?
ADM - Gutted
ITOM - Gutted
Now what? Hard to believe ITOM was a $1B business when MF bought them from HPE
Ego, that’s why. We sold the most profitable part of MF for peanuts for short term (no) gain.
To sell ADM and ITOM is insane.Why did you buy MF then?
Would it just be ITOM and AD?
What companies would be interested in buying the ITOM and ADM portfolios??
Mark is looking to sell ADM and ITOM. Several PM’s and R&D also forced out over the last two weeks.
It always started in Canada then EMEA unfortunatelly.
Can anyone reflect on more info?
Scary how they drive this company to loose more than 50% of stock value ...
https://finance.yahoo.com/quote/OTEX/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAGxoRYqxoP1V29716S87msxVzzTw6KpinWR6QC-etRw1X-mzBOyNfpQSbaDCoHPHY35TfOiOfkQGjT67eOhg7xN4lUXrmgH0K7zJKfXrGaaFIteWYFVYBqSCK2V8QUNUVm-YKRqvW0kxCt0ERIjwnZOKFDBdGQ9GZbo_bHb22u__
No wonder that circle of layoffs and realocations to India and other cheaper countries are on plan.
If he does, he needs to follow out the door straight after. What a disaster of an acquisition, we will never recover from it.
Mark put a new hire, an SVP described as transformational, in charge of ADM and ITOM, another direct report of Todd Cione announced this week. Seems something is cooking. Is Mark setting the stage for a buyer for the ITOM business?
Good luck US CO R&D team. Tough times ahead. Best wishes to your next job.
ITOM
which products?