July 3 (Reuters) - OpenText Corp said on

Wednesday it would cut about 1,200 jobs, around 1.7% of its

workforce, as part of its new business optimization plan.

The layoffs will cost the information management company

nearly C$60 million ($44.01 million) that will be recognized in

the first quarter of fiscal 2025, but OpenText expects to reduce

its expenses by C$150 million in 2025.

The Ontario, Canada-based company will reinvest C$50 million

annually in 800 new roles in sales and engineering, to support

its growth and innovation plans, according to an SEC filing.

More than 100,900 workers have been laid off across 356 tech

companies so far this year, according to tracking website

Layoffs.fyi.

($1 = 1.3632 Canadian dollars)