Rocket Software, a company owned by Bain Capital Private Equity, has successfully completed the acquisition of OpenText’s application modernization and connectivity business for a total of $2.3 billion. This transaction is expected to boost Rocket Software’s revenue by 60% and expand its client base to more than 12,500 companies worldwide. With the addition of over 770 software engineers and professionals from OpenText, the software company aims to enhance its mainframe modernization platforms and software offerings.
Milan Shetti, the president and CEO of Rocket Software, stated that this acquisition marks a significant milestone for the company, establishing a new standard for modernization innovation and excellence. The acquisition will fast-track Rocket Software’s strategic growth and market reach, providing the company with the solutions, resources, and expertise to address modernization challenges on a larger scale. Shetti emphasized that the company’s flexibility, strong culture, partnerships, and growth mindset will enable them to help customers succeed in the present and future.
The acquisition is expected to drive innovation and accelerate growth at Rocket Software. With OpenText’s AMC business under its wing
