Open Text CEO: Compliance, Cloud Trends Behind Stock Surge

The compliance and cloud computing trends that helped Open Text beat Wall Street's earnings forecasts in its fiscal Q4 will continue in the second half of 2014, said the company's CEO Mark Barrenechea. Barrenechea said the company's cloud business was up over 100% in the quarter because of its security offering which enables companies to more tightly control the flow of data within a country. He also said Open Text made 26 transactions larger than $1M in its last quarter and plans to make $3B in acquisitions over the next 3 years in its campaign against IBM and HP.