Waterloo’s Open Text cuts 10% of staff

Matt Walcoff of the Waterloo Record reported yesterday that Open Text Corp. plans to cut about 10 per cent of its workforce to eliminate redundancies and prepare for a potential economic slowdown. The company will axe about 360 of its nearly 3,600 employees.

Open Text employs about 350 people at its offices in the University of Waterloo Research and Technology Park. The primary impetus for the round of cuts is the $131-million US acquisition of Captaris Inc. of Bellevue, Washington. The merger, which was completed Friday, leads to some duplication of functions that need to be ironed out. The reductions also reflect the risk of a downturn in the marketplace.