TeamSite

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OpenText Corporation
Public
Traded as TSXOTC
NASDAQOTEX
Industry Computer software
Founded 1991; 25 years ago (1991)
Founder Tim Bray, Gaston Gonnet, Frank Tompa
Headquarters Waterloo, Ontario, Canada
Key people
Mark Barrenechea, CEO
Tom Jenkins, Chairman
Products Enterprise content management (ECM), business process management (BPM), customer experience management (CEM), information exchange, and analytics software
Revenue Increase US$ $1,624 million (FY 2014[1])
Number of employees
8,500 (2015)
Website www.opentext.com

OpenText TeamSite is an enterprise digital experience management software product that OpenText acquired from HP on May 1, 2016.[2] The product has gone through a series of owners, including Interwoven which was founded in 1995 and later acquired on March 17, 2009 by Autonomy, which in turn was acquired by Hewlett-Packard in 2011.

History[edit]

Interwoven was founded in 1995 in California by Singaporean Peng Tsin Ong, who was also Interwoven's first CEO and chairman. Peng was previously co-founder of Match.com, and later went on to found Encentuate.[3][4] In its private startup phase the company was backed by Foundation Capital,[5] Draper Fisher Jurvetson,[6] Accel Partners and other venture capital co-investors including Gary Kremen.[7]

On October 8, 1999 Interwoven had their initial public offering (IPO) on NASDAQ with Credit Suisse First Boston as the lead underwriter.[8] In November 2001 the IPO and a follow-on public offering were challenged in a class-action lawsuit, based on the allegation that the official prospectus filed with the SEC did not disclose connections between the underwriters and other investors and customers of Interwoven.[9][10]

Dot-com boom[edit]

In the years of the dot-com bubble the company offered huge hiring incentives, in order to compete with other startup companies in Silicon Valley. In 2000, it promised to pay for a 2-year lease on a new BMW Z3 sports car to the first 20 new engineers coming to Interwoven and staying with the company for at least a year.[11] This was less expensive than the going rate for recruiting fees in Silicon Valley at that time. Though a minority of engineers elected to take the car over the equivalent sum in cash, the move generated publicity.[12][13][14]

Sale[edit]

On January 21, 2009, Interwoven announced it agreed to be acquired by Autonomy Corporation, based in England.[15] Autonomy estimated the consideration at $775 million [16]

The acquisition was finalized on March 17, 2009.

HP bought Autonomy on August 19, 2011.

OpenText acquired TeamSite, along with other HP Software products in May 2016.[17][18]

References[edit]

  1. ^ "Open Text 2014 Annual report"
  2. ^ http://www.opentext.com/who-we-are/press-releases?id=0460724882594912AB5BE215126C0478
  3. ^ Innovation Magazine Article with Encentuate Founder
  4. ^ Encentuate : Team
  5. ^ Foundation Capital
  6. ^ Draper Network | Draper Fisher Jurvetson
  7. ^ Kieren Mccarthy (August 13, 2006). "The battle for the sex.com domain name". Taipei Times. Retrieved October 18, 2013. 
  8. ^ Press Releases - Interwoven - Press Releases
  9. ^ Interwoven, Inc. - Securities Class Action
  10. ^ Court Denies Interwoven Motion To Dismiss Securities Suit - 03/26/2003
  11. ^ "Wired 8.04: Must Read". Wired. 
  12. ^ Brian Caulfield (June 15, 2000). "Recruit or Die: How Growing Firms Are Waging the War to Fill Empty Seats". Internet World. Archived from the original on November 21, 2004. Retrieved October 18, 2013. 
  13. ^ From Z3's to Charity Donations
  14. ^ Anni Layne (May 2000). "Don Campbell". Fast Company. Archived from the original on July 7, 2003. Retrieved October 18, 2013. 
  15. ^ "Interwoven Announces Definitive Agreement to be Acquired by Autonomy". Press release. January 21, 2009. Archived from the original on January 25, 2009. Retrieved October 18, 2013. 
  16. ^ "Autonomy Corporation Plc announces agreement to acquire Interwoven, Inc. for and aggregated consideration of US$775 million". Press release. Autonomy. January 22, 2009. Archived from the original on January 30, 2009. Retrieved October 18, 2013. 
  17. ^ http://www.opentext.com/who-we-are/press-releases?id=0460724882594912AB5BE215126C0478
  18. ^ http://www.opentext.com/who-we-are/press-releases?id=DFE27860219443C99EFEA452B6442C20