Open Text, a provider of enterprise content management (ECM) solutions, has just been selected as one of the top 10 fastest growing technology companies by Fortune magazine.
Founded in 1991, the Canadian company represents 20 percent of the ECM market, the magazine reported.
The company credits its beginnings with the Oxford English Dictionary project at the University of Waterloo, in which full-text indexing and string-search technology was developed.
Of the $725.5 million in profits the company reported for 2008, 30 percent were from licensing its software to businesses, Morningstar analyst Rafael Garcia told Fortune.
Through its flagship software, Open Text ECM Suite, businesses can capture and preserve corporate memory, increase brand equity, automate processes, mitigate risk, manage compliance and improve competitiveness.
"At Open Text, we believe that the next great idea, the next breakthrough, the next innovation, resides within the collective knowledge of connected people," said Tom Jenkins, CEO of Open Text.
The use of ECM software such as Open Text is growing rapidly in popularity, largely because of the money it saves businesses by cutting down on the time and cost of processing documents – a recent study from TowerGroup found that content management costs U.S. financial service institutions more than $80 billion each year.