Open Text buys former high-flyer Burntsand

Canadian technology consultancy Burntsand has agreed to be bought by Waterloo’s Open Text for about $11 Million. Open Text will buy all Burntsand shares at 15 Canadian cents apiece, which is a 114 percent premium to their closing price Friday, and merge Burntsand with an Open Text unit.

This closes the book on a former high-flying Canadian company that many will recognize from the Internet boom from 10+ years ago. Burntsand (TSX: BRT) was trading at $13.95 on March 10, 2000, the day the dot-com bubble burst.