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Open Text granted $33 million, plans $225 million in R&D spending

by | Mar 8, 2010

The Ontario government recently invested $33 million in Open Text. The ECM producer plans to spend $225 million on research and development, a move that will create 400 jobs.Open Text, one of the leading developers of enterprise content management technology, will receive $33.75 million from the Ontario government and announced it will spend $225 million on research and development, the company recently announced.

The move will allow the company to create 400 new jobs at its offices in Waterloo, Richmond Hill and Ottawa.

The minister of economic development and trade announced the contribution, coming from the province”s "next generation of jobs fund," in a recent press conference, noting that the enterprise content management producer bolsters the image of Ontario as bellwethers of the software and technology business and will help create a brighter economy.

"We”re proud to support Open Text”s latest investment that creates high-value jobs for Ontario families," said Minister Sandra Pupatello. "This is a strategic investment that anchors Open Text”s operations in the province and further”s Ontario”s reputation as a leader in digital media and information and communications technology."

News of the investment comes on the heels of the ECM developer”s acquisition of NStein Technologies, a much smaller digital content manager, for $35 million.ADNFCR-1861-ID-19657052-ADNFCR