OpenText Buys Cybersecurity MDR Platform

WATERLOO, ON, May 22, 2024 /PRNewswire/ — Open Text Corporation (NASDAQ: OTEX), (TSX: OTEX), today announced that it has purchased Pillr, an MDR platform from Novacoast, Inc.

Pillr technology is a cloud native, multi-tenant MDR platform for Managed Service Providers (MSPs) that includes Managed Detection and Response and powerful threat-hunting capabilities. This combination of Pillr technology and OpenText security expertise provides enhanced threat hunting, monitoring, and response for customers where skill gaps, skill shortages, and alert fatigue create a significant need today.

The acquisition accelerates OpenText’s Cybersecurity product roadmap to offer key features including API integrations and product/pricing bundling for MSPs seeking a comprehensive solution to protect, detect and respond to cybersecurity threats.

“We are pleased to welcome Pillr customers and employees to OpenText”, said Mark J. Barrenechea OpenText CEO & CTO.  “Cyber threats continue to rise fast and are growing more sophisticated. Organizations need advanced Managed Detection and Response solutions to prevent attackers from gaining the foothold needed to launch an attack. The combination of Pillr’s platform with our existing Threat Detection offerings strengthens OpenText’s position in the cybersecurity market and reinforces our commitment to our SMB partners and customers.”

The Pillr technology acquisition is not material to OpenText’s financial results.