Open Text to purchase Dell's enterprise content unit for $1.6B

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Open Text, a software company based in Ontario, Canada, plans to buy Dell's enterprise content unit in a $1.6 billion deal, according to Bloomberg.

Through the deal, Open Text will gain Documentum, a corporate document tracking software that the Round Rock, Texas-based Dell obtained in its 2015 acquisition of EMC.

The deal will close within 90 to 120 days. Open Text claimed the agreement would be immediately accretive to earnings.

"This is right in our wheelhouse, we know the market extremely well, we know the products extremely well," said Open Text CEO Mark Barrenechea in a conference call reported by Bloomberg.

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