OpenText Unveils Canadian Venture Capital Strategy: Lead Industry Sponsor in Canadian $217m VCAP Fund of Funds; Announces $100m Enterprise Application Fund to Close in mid-2014 - ABC 33/40 - Birmingham News, Weather, Sports

OpenText Unveils Canadian Venture Capital Strategy: Lead Industry Sponsor in Canadian $217m VCAP Fund of Funds; Announces $100m Enterprise Application Fund to Close in mid-2014

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE OpenText

Company Expects to Close on OpenText Enterprise Applications Venture Fund Within Six Months; Enables App Development & Entrepreneurship with AppWorks Platform

WATERLOO, Ontario, Jan. 21, 2014 /PRNewswire/ -- OpenText™ (NASDAQ: OTEX, TSX: OTC), the global leader in Enterprise Information Management (EIM) and Canada's largest software company, today announced it is the lead industry sponsor in a newly created 'fund of funds' that will invest in high-potential venture capital fund managers across Canada to seed innovation. The company also expects to close in the next six months with its financial partners, a $100 million OpenText Enterprise Applications Venture Fund to infuse funding directly into creative app development. OpenText announced in November, 2013 its own AppWorks developer platform to dramatically accelerate the time to market for enterprise-grade applications.

(Logo: http://photos.prnewswire.com/prnh/20130730/CL55531LOGO)

"Canadian entrepreneurs have talent, skill and passion, but have limited access to venture capital and technology to take their ideas from concept to commercialization," said OpenText President and CEO Mark J. Barrenechea. "OpenText is committed to supporting Canadian innovation by helping to level the playing field for global competition. Our investment on multiple levels – fund of funds, direct funding to entrepreneurs, and an app platform to build on -- will have positive impact regionally, provincially and nationally."

The announcements were made at a Venture Capital in Canada event sponsored by OpenText, hosted by Waterloo Region tech organization Communitech, and with participation from Canada's Minister of State Gary Goodyear and Premier of Ontario Kathleen Wynne. The event was staged today at the Tannery building in downtown Kitchener which houses Communitech's 44,000-square-foot incubation hub. The provincial government is among the institutional investors in the fund along with lead industry sponsor OpenText.

Minister Goodyear told the audience comprised of entrepreneurs, students, Waterloo Region tech leaders, staff of Communitech and OpenText that Northleaf Capital Partners has been selected as fund manager for the new fund of funds established under the federal government's Venture Capital Action Plan (VCAP). See government press release here.

Prime Minister Stephen Harper announced the VCAP program in January, 2013 in response to recommendations provided in "The Jenkins Report", a report created by the Panel on R&D chaired by Tom Jenkins, Chairman of OpenText and Chair of the Canadian Digital Media Network.

"Today's announcement addresses a gap in our innovation system in Canada," said Mr. Jenkins. "This is a positive step to support Canadian entrepreneurial activity and drive the creation of new, high-quality jobs and opportunities in the digital economy."

While the VCAP fund of funds will infuse funding into a Venture Capital Fund which then provides funds to startups, OpenText's new Enterprise Application Venture Fund will provide funding directly to entrepreneurs, broaching the issue of a funding gap for innovation on two fronts. The goal of the Enterprise App Venture Fund is to seed business application development and spur innovation and entrepreneurship in Canada. The OpenText Enterprise App fund will directly support promising companies leveraging innovative ideas that drive productivity for customers, fueling the tech ecosystem and possibly enabling 'the next big thing' in tech. OpenText will be a minority investor in each fund, with financing to occur over a number of years consistent with the fund investment profile.

"Today's announcement is incredibly important for the technology sector in Canada" said Iain Klugman, CEO of Communitech, "as the addition of risk capital will provide opportunities for Canadian entrepreneurs to start and grow companies here at home. Access to capital is one of the key ingredients in building a world class technology cluster, and this announcement ensures the next generation of companies in Waterloo Region will have access to the capital necessary to build their companies and compete internationally."

The announcement of the OpenText Enterprise Application Fund follows closely on availability of OpenText AppWorks, the new OpenText Developer platform announced and delivered for developers in November at OpenText's largest-ever user conference Enterprise World. AppWorks is an HTML5 Enterprise Apps platform leveraging OpenText EIM Suites to dramatically accelerate time-to-market for Enterprise-grade applications which developers can write once and have run on mobile devices and web browsers without additional effort. Coupled with access to Open Data, OpenText envisions unleashing the imagination of app developers globally, creating enterprise quality innovations. Entrepreneurs can get on board at: https://developer.opentext.com

Learn more about OpenText EIM:

About OpenText
OpenText provides Enterprise Information Management software that helps companies of all sizes and industries to manage, secure and leverage their unstructured business information, either in their data center or in the cloud. Over 50,000 companies already use OpenText solutions to unleash the power of their information. To learn more about OpenText (NASDAQ: OTEX; TSX: OTC), please visit: www.opentext.com.

Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Copyright ©2014 Open Text Corporation. OpenText is a trademark or registered trademark of Open Text SA and/or Open Text ULC. The list of trademarks is not exhaustive of other trademarks, registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text SA or other respective owners. All rights reserved. For more information, visit: http://www.opentext.com/2/global/site-copyright.html_SKU.

©2012 PR Newswire. All Rights Reserved.

  • Latest StoriesMore>>

  • 13th body pulled from snow in Everest avalanche

    13th body pulled from snow in Everest avalanche

    Sunday, April 20 2014 1:53 AM EDT2014-04-20 05:53:09 GMT
    Rescuers were digging through piles of snow and ice Saturday for four Sherpa guides buried on Mount Everest when an avalanche swept down the slopes and killed 12 other Nepalese guides in the deadliest disaster on...More >>
    Nepal's authorities temporarily halted climbing on Mount Everest while search teams dug through snow and ice Sunday for three Sherpa guides missing in the deadliest avalanche on the world's highest peak that killed...More >>
  • Civil War movie "Union" filming in Montevallo

    Civil War movie "Union" filming in Montevallo

    Saturday, April 19 2014 11:52 PM EDT2014-04-20 03:52:27 GMT
    An independent film crew is in Montevallo this weekend to shoot scenes for an upcoming feature.The movie is titled "Union" and is about a "female" confederate soldier in the civil war.Whitney Hamilton wrote the screenplay. She said she wrote a play about a decade ago that told the story of Joan of Arc, and wanted to write another script about some female combatants from the United States.She researched the subject and learned more than 400 women disguised themselves as men during the Civil Wa...More >>
    An independent film crew is in Montevallo this weekend to shoot scenes for an upcoming feature.The movie is titled "Union" and is about a "female" confederate soldier in the civil war.Whitney Hamilton wrote the screenplay. She said she wrote a play about a decade ago that told the story of Joan of Arc, and wanted to write another script about some female combatants from the United States.She researched the subject and learned more than 400 women disguised themselves as men during the Civil Wa...More >>
  • Police believe former student is behind threat at UNA

    Police believe former student is behind threat at UNA

    Saturday, April 19 2014 10:23 PM EDT2014-04-20 02:23:32 GMT
    University of North Alabama police say that 22-year-old Brian Mitchell of Madison, Alabama surrendered to police on Friday. Police say Mitchell is behind a message posted on social media site, Yik Yak,More >>
    University of North Alabama police say that 22-year-old from of Madison, Alabama surrendered to police on Friday.More >>
  • Alabama defense dominates spring game

    Alabama defense dominates spring game

    Blake Sims' bid to replace AJ McCarron as Alabama's starting quarterback hit a snag Saturday afternoon when the Crimson Tide defense dominated the annual A-Day game at Bryant-Denny Stadium.More >>
    Blake Sims' bid to replace AJ McCarron as Alabama's starting quarterback hit a snag Saturday afternoon when the Crimson Tide defense dominated the annual A-Day game at Bryant-Denny Stadium.More >>
  • Marshall leads Auburn 1st team to rout of 2nd team

    Marshall leads Auburn 1st team to rout of 2nd team

    Nick Marshall threw four touchdowns in two quarters as Auburn's first team routed its second team 58-3 on Saturday in a spring football game.More >>
    Nick Marshall threw four touchdowns in two quarters as Auburn's first team routed its second team 58-3 on Saturday in a spring football game.More >>
  • Crime Stoppers April 19: Who took Manquel Mertez Whittsett's life?

    Crime Stoppers April 19: Who took Manquel Mertez Whittsett's life?

    Saturday, April 19 2014 7:00 PM EDT2014-04-19 23:00:10 GMT
    It hasn't even been a year since a Birmingham man lost his life. The homicide happened in the summer of 2013, and police don't want to waste any more time. That's why they're calling on you to help in
    It hasn't even been a year since a Birmingham man lost his life. The homicide happened in the summer of 2013, and police don't want to waste any more time. That's why they're calling on you to help in this unsolved killing.More >>
  • Two families lose homes during apartment fire

    Two families lose homes during apartment fire

    Friday, April 18 2014 11:45 PM EDT2014-04-19 03:45:09 GMT
    Two families lost their homes during a fire Friday night at the Crestwood Hills Apartments in the 1200 block of 49th Place South in Birmingham. Firefighters responded around 9:30pm and they had the fireMore >>
    Two families lost their homes during a fire Friday night at the Crestwood Hills Apartments.More >>
  • Pickens County lawmen are looking for armed robbery suspects

    Pickens County lawmen are looking for armed robbery suspects

    Friday, April 18 2014 11:20 PM EDT2014-04-19 03:20:19 GMT
    Karen Michelle BarkerKaren Michelle Barker
    Pickens County Sheriff's Office want Karen Michelle Barker and Anthony Glenn Poe in custody. Lawmen say the duo followed a lady home and robbed her as she exited her vehicle. It happened around 12pm onMore >>
    Pickens County Sheriff's Office want Karen Michelle Barker and Anthony Glenn Poe in custody.More >>