09:35 AM EDT, 07/03/2024 (MT Newswires) -- Open Text ( OTEX ) said in a regulatory filing Wednesday that it has launched a "business optimization plan" that will eliminate approximately 1,200 positions for annualized cost savings of approximately $200 million.

The company said the plan is expected to result in a 1.7% reduction of its total's workforce to approximately 23,000 employees.

Open Text ( OTEX ) also said it will reinvest approximately $50 million annually for approximately 800 new positions in sales, professional services, and engineering.

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