OpenText CEO attributes Q2 success to data security and automation demands

Increased demand for data protection and automation is driving substantial revenue growth in the space of AI and cyber security, says OpenText’s top executive.

Mark Barrenechea, the OpenText CEO and chief technology officer, said in an interview with BNN Bloomberg on Monday that increases in revenue could be attributed to expanding consumer appetite for data security and automation.

According to the company’s second-quarter earnings, released last week, revenue rose 71 per cent on an annual basis reaching US$1.5 billion.

OpenText said in a press release that cloud revenue reached $450 million during the quarter, marking a 10 per cent year over year increase.