Rocket Software, a company owned by Bain Capital Private Equity, has completed the acquisition of OpenText’s application modernization and connectivity business for around $2.3 billion. This move is expected to boost Rocket Software’s revenue by 60% and expand its client base to over 12,500 companies globally.
With this acquisition, Rocket Software will gain over 770 software engineers, go-to-market professionals, and other staff from OpenText. Milan Shetti, the President and CEO of Rocket Software, views this acquisition as a significant milestone that will drive innovation and growth for the company. Shetti believes that Rocket Software now has the solutions, resources, and expertise to address modernization challenges on a larger scale.
Rocket Software plans to continue developing AMC products to enhance its portfolio of mainframe modernization platforms and software offerings. The company’s strategic growth and market penetration are expected to be greatly accelerated by the acquisition of OpenText’s AMC business. With a focus on fostering a winning culture and maintaining strong partnerships, Rocket Software aims to help its customers succeed both now and in the future.