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      "text": "Transaction detail\n~$5.8B Enterprise Value\n2.3x Micro Focus TTM revenues (1)\n6.7x Micro Focus TTM A-EBITDA(2)\nMore than Doubling our TAM to $200B+(3)\nOpenText intends to continue to deliver an expected:(4)\nUpper quartile A-EBITDA and expansion\nUpper quartile Free Cash Flows and expansion\nExpected cost synergies of approximately $400M\nOn OpenText operating model within 6 full quarters\nReturn to net leverage ratio(5) of < 3x within 8 full quarters",
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      "text": "1. TTM revenue represents Micro Focus' unaudited revenue for the twelve months ended October 31, 2022, excluding Digital Safe revenue, based on IFRS standards.\n2. TTM adjusted EBITDA is a non-IFRS financial measure and represents Micro Focus' unaudited adjusted EBITDA for the twelve months ended October 31, 2022, excluding Digital Safe.\n3. Estimates based on market reports from independent industry analysis firms including Gartner and IDC.\n4. Please refer to OpenText's \"Use of Non-GAAP Financial Measures\" and \"Reconciliation of selected GAAP-based measures to Non-GAAP-based measures\" included within our current and historical filings on Forms 10-Q, 10-K and 8-K.\n5. Consolidated Net Leverage Ratio (pro forma) is calculated using bank covenant methodology.\n6. Revenue and A-EBITDA multiples are based on the target company's latest reported numbers as of close date.",
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      "text": "OpenText Transformative M&A\nAcquisition, Close Date, Revenue Multiple(6), A-EBITDA Multiple(6)\nMicro Focus, 1/31/23, 2.3x, 6.7x\nZix, 12/23/21, 3.5x, 16x\nCarbonite, 12/24/19, 2.9x, 11.9x\nDocumentum, 1/23/17, 2.7x, 8.8x\nGXS, 1/16/14, 2.4x, 12.2x",
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      "text": "Strategic Buyer of Value Assets that Drive Future Organic Revenue and A-EBITDA Growth",
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