CIMdata PLM Industry Summary Online Archive
2 March 2007
Acquisitions
Open Text Acquires Government Solutions Specialist Momentum Systems
Open TextT Corporation announced the acquisition of Momentum Systems, Inc., a privately held company that specializes in providing complex ECM solutions to U.S. government agencies. With the acquisition, Open Text expands its solutions expertise in the U.S. government market.
Open Text purchased Momentum Systems for $4 million, net of cash and liquid assets. The agreement was completed with an effective date of March 1, 2007. It is currently anticipated that the financial terms and future impact of this agreement will not have a material effect on future financial results of Open Text.
Established in 1993 and based in Arlington, Virginia, Momentum Systems has been a leading Open Text Global Alliance Partner in the U.S. government sector for more than 12 years. With an experienced staff of about 50 people located primarily in the Washington D.C. area, Momentum has had a successful track record of implementing and supporting Livelink ECM solutions across all levels of government, including at some of the U.S.'s largest federal agencies. The acquisition will not result in any material change to staff levels at either Momentum or at Open Text.
For more information on Momentum Systems, go to: http://www.momentumsystems.com/
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