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Software provider OpenText boosts dividend 15% as revenue, earnings soar

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WATERLOO, Ont. - Open Text Corp. (TSX:OTC) has reported a big year-over-year increase in its fiscal third-quarter revenue and earnings and is boosting its dividend by 15 per cent.

The Waterloo, Ont.,-based provider of business software says the quarterly payout is going up to 17.25 cents per share from 15 cents, payable June 13 to shareholders of record on May 23.

Net earnings for the three months ended March 31 soared to $45.8 million or 33 cents per share from $25.8 million or 22 cents in the comparable year-earlier period as revenue rose to $442.8 million from $337.7 million.

"In the third quarter we delivered strong year-over-year results with revenue growth of 31 per cent, adjusted operating income growth of 43 per cent and operating cash flow growth of 21 per cent," CEO Mark Barrenechea said in an earnings release issued after markets closed on Thursday.

"With our intelligent growth strategy, we are focused on delivering value through acquisitions, innovation and now an increased dividend program," he said.

"The GXS integration is off to a fast start and has established OpenText as a key cloud services provider. Our newly upgraded EIM product suite is driving customer demand and reinforces our market position as a leader in EIM (enterprise information management)."

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