OpenText Selling eDOCS Unit to NetDocuments for $163 Million

OpenText Corp. will sell its eDOCS legal document management system to NetDocuments Software Inc. for $163 million and use the proceeds to reduce its outstanding debt.

Under the deal, the eDOCS software, customer contracts, associated services, and employees will be integrated into NetDocuments, OpenText said Thursday. It said the divestiture allows it to further focus on growing its core secure information management business for AI and to explore opportunities to streamline its product portfolio,

Separately, NetDocuments said the two businesses would continue to operate separately until the closure of the deal, which is expected early next year.

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