OpenText to Divest Application Modernization and Connectivity Business to Rocket Software

Cleary Gottlieb is representing OpenText in its definitive agreement to divest its Application Modernization and Connectivity (AMC) business to Rocket Software, a Bain Capital portfolio company, for $2.275 billion in cash.

The combination of AMC and Rocket Software’s highly complementary product portfolios will create one of the world’s largest IT and mainframe modernization and connectivity software companies. Under the terms of the agreement, the software, associated services, and approximately 750 employees of AMC will be integrated into Rocket Software.

OpenText’s AMC business provides market leading mainframe modernization and connectivity software to more than 10,000 customers enabling them to run mission-critical business applications in hybrid cloud environments.

For more information, please see the press release here.