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OpenText (OTEX) Acquires Pillr to Boost Cybersecurity Offerings – May 24, 2024 | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #ransomware

OpenText (OTEX Free Report) has recently acquired a managed detection and response platform from Novacoast. The platform named Pillr is a cloud-based threat-hunting tool for Managed Service Providers (MSPs). Moreover, it sports a multi-tenant cybersecurity service model through which it can enable OpenText to offer services to multiple tenants using a shared infrastructure.

Pillr specialises in delivering skilled cybersecurity solutions around the clock, every day of the year through its Security Operations Center (SOC) that uses technological expertise with human accountability. It uses on-premises SOC with tools and processes to handle threat detection and mitigation.

The new acquisition will bolster OpenText’s security offerings for its customers by filling skill gaps, skill shortages and easing alert fatigue. The integration of Pillr to OpenText’s products will also help OTEX to enable API integrations and more efficient product bundling for MSPs. This will further help OpenText to have a strong foothold in small and medium business segment.

The Pillr platform can handle vast amounts of data and process them through AI and automation. The platform can also be used for addressing potency risks through threat analysis and intelligence gathering. Additionally, it combines human expertise as Pillr considers that human interference, expertise and accountability are irreplaceable.

Growing Through Acquisitions

The addition of Pillr to OpenText’s portfolio of offerings has strengthened its arsenal. The company has been expanding its capabilities through acquisitions and in the past two years it has acquired multiple companies.

In 2023, OpenText acquired Micro Focus for $5.8 billion, doubling its size and expanding into critical domains like security and automation. The Micro Focus acquisition enriched OpenText’s international presence and talent pool.

The acquisition of Zix in 2021 boosted OpenText’s SMB&C portfolio, driving annual revenue to nearly $700 million. The company also acquired Carbonite in 2019. Together with Carbonite, OpenText offers comprehensive cyber resilience solutions, leveraging Zix’s cloud innovation and Microsoft partnership for geographic expansion and strategic partnerships.

The new acquisition will combine Pillr’s capabilities with OpenText’s threat detection offerings and strengthen OpenText’s position in the SMB-based cybersecurity market.

OpenText expanding portfolio, client base, acquisitions and partnerships are key upsides. However, the global economic environment remains uncertain, with potential headwinds from protracted inflationary conditions, still-high interest rates, and geopolitical tensions. These factors could impact enterprise spending on software and IT services, thereby hurting OpenText near-term growth prospects.

Moreover, aggressive sales and marketing initiatives and sustained investments in research and development to boost product offerings and capabilities might dampen its margins.

Zacks Rank and Stocks to Consider

Currently, OpenText carries a Zacks Rank #5 (Strong Sell). Shares of OTEX have dropped 24.6% over the past year.

Some better-ranked stocks from the broader technology sector are AppFolio (APPF Free Report) , Arista Networks (ANET Free Report) and Alphabet (GOOGL Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for AppFolio’s 2024 EPS has been revised upward by 13 cents to $3.97 in the past 30 days. Shares of APPF have surged 66.8% in the past year.

The Zacks Consensus Estimate for ANET’s 2024 EPS has been revised upward by 43 cents to $7.92 in the past 30 days. Shares of ANET have surged 94.5% in the past year.

The Zacks Consensus Estimate for Alphabet’s 2024 EPS has been revised upward by 80 cents to $7.57 in the past 30 days. Shares of GOOGL have jumped 41.3% in the past year.

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