New Dawn for Rocket Software with Acquisition of OpenText’s Application Modernization Business
Rocket Software, a company owned by Bain Capital Private Equity, has acquired OpenText’s application modernization and connectivity business for around $2.3 billion. This move is expected to boost Rocket Software’s revenue by 60% and expand its client base to over 12,500 companies globally. As part of the acquisition, Rocket Software will gain over 770 software engineers, go-to-market professionals, and other staff from OpenText.
Rocket Software plans to continue developing AMC products to enhance its portfolio of mainframe modernization platforms and software offerings. Milan Shetti, the President and CEO of Rocket Software, views this acquisition as a significant milestone that will drive innovation and growth for the company. He believes that Rocket Software now has the solutions, resources, and expertise to address modernization challenges on a larger scale.
With a focus on fostering a winning culture and maintaining strong partnerships, Rocket Software aims to help its customers succeed both now and in the future. The company’s strategic growth and market penetration are expected to be greatly accelerated by the acquisition of OpenText’s AMC business.
As part of this acquisition, Rocket Software will take on OpenText’s entire AMC business including all assets related to this business line. This includes over 770 employees who will join Rocket Software’s team as well as their technology expertise in application modernization and connectivity.
Rocket Software’s portfolio of mainframe modernization platforms is expected to be enhanced with this acquisition as they plan to continue developing AMC products that are designed for large scale enterprises.
Milan Shetti sees this acquisition as an opportunity for his company to grow further in the industry while providing more value to their customers through innovative solutions and expert resources.
Overall, this acquisition will allow Rocket Software to expand their reach in the market while also providing valuable opportunities for their new employees at OpenText’s AMC business line.
