OpenText Has Purchased Pillr, An MDR Platform From Novacoast; Financial Terms Not Disclosed
Portfolio Pulse from Benzinga Newsdesk
OpenText Corporation (NASDAQ:OTEX) has acquired Pillr, a cloud-native MDR platform from Novacoast, Inc. The acquisition aims to enhance OpenText's cybersecurity offerings, particularly for Managed Service Providers (MSPs). Financial terms were not disclosed.
May 22, 2024 | 12:32 pm
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OpenText Corporation has acquired Pillr, a cloud-native MDR platform, to enhance its cybersecurity offerings for MSPs. This acquisition is expected to accelerate OpenText's cybersecurity product roadmap.
The acquisition of Pillr by OpenText is likely to positively impact OTEX's stock price in the short term. The move enhances OpenText's cybersecurity capabilities, which is a critical area of growth. The market generally reacts positively to strategic acquisitions that strengthen a company's product offerings.
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