Waterloo-based OpenText gets $120M provincial grant
Software company plans $2-billion investment in operations
Waterloo, Ont.,-based OpenText is receiving a $120-million grant from the provincial government to help create 1,200 new jobs across the province, as the software company expands its operations in Waterloo Region, Toronto, Peterborough, Kingston, and Ottawa.
Ontario Premier Kathleen Wynne made the announcement at OpenText headquarters in Waterloo on Friday.
"Success breeds success and so having successful high tech companies brings more successful high tech companies, and that brings more jobs to support those companies," Premier Wynne said in her speech.
OpenText is planning a $2-billion investment in its Ontario operations to carry out research and development in cloud computing over the next seven years.
New jobs will be opening in research and development, marketing, human resources, accounting and facilities management. OpenText CEO Mark Barrenchea said the majority of new positions will be in Waterloo.
“Our commitment today validates the strength of the technology talent pool in Ontario,” said Barrenechea, in a statement.
“We are an Ontario-grown global company. And we chose to invest here because of the highly educated workforce, our strong university partnerships in R&D, as well as the province’s robust and innovative start-up communities."
OpenText started in 1991 with four employees in Waterloo, and is now the largest software company in Canada with 8,000 employees worldwide.
The Waterloo region is a high-tech hotbed, but has faced challenges recently following the many layoffs announced by Waterloo-based BlackBerry.