Open Text Shares Reach New Highs After Expanded Partnership With Google

Canadian software company Open Text Corp. (TSX:OTEX) is riding high after expanding its partnership with tech giant Google (NASDAQ:GOOGL).

Open Text’s share price hit a a record high this week Open Text announced that it has expanded its partnership with Google’s cloud division, including integrating its own products with Google’s G Suite brand applications.

Open Text shares price reached $56.11 this week, an all-time high following the Google news. The Waterloo, Ontario-based company provides enterprise content management software to help customers manage documents and workflows. Year-to-date, Open Text’s stock price has gained 26%.

As part of the partnership, Open Text’s applications will be made available on Google’s cloud platform called "Anthos." Similarly, Google’s G Suite applications such as Drive, Sheets and Hangouts will be integrated with Open Text’s enterprise management software. Open Text will also integrate artificial intelligence and machine-learning capabilities from Google into its own software.

In a news release, Open Text stated: "With the partnerships and product integrations announced today, our shared customers can leverage the performance, scalability and security of Google Cloud, while deploying cutting-edge enterprise information management applications from OpenText."