OpenText Partnership with Cork Delivers Peace of Mind with Comprehensive Cybersecurity and Cyber Warranty Solutions for SMBs and MSPs

New collaboration provides elevated service offerings with financial protection to attract and retain clients resulting in increased revenue streams

WATERLOO, ON, Oct. 21, 2024/PRNewswire/ -- OpenText™ (NASDAQ: OTEX), (TSX: OTEX) today announced a strategic partnership with Cork Inc., adding the cyber warranty solutions to provide a holistic solution portfolio tailored specifically for Small and Medium Businesses (SMBs) and Managed Service Providers (MSPs). This alliance will empower MSPs to offer a distinctive blend of award-winning cybersecurity solutions and robust financial protection to enhance their customer offerings. Ensuring that MSPs are equipped with the best tools and services, this initiative will streamline the service delivery process and boost customer confidence by integrating top-tier cyber protection with financial safeguards, making it easier for providers to meet the diverse needs of their clientele.

OpenText Cybersecurity's recent 2024 MSP/MSSP Survey highlighted that comprehensive security and composable on-demand security expertise is a primary reason that SMB customers seek MSP services. The survey also noted that 63% of SMBs are primarily focused on outsourcing their data security and cyber warranty resources. With this still a number one priority for SMBs, the Cork and OpenText partnership will answer this need and provide a much-needed comprehensive approach that proactively prevents attacks and provides financial protection if a breach occurs.

"Our partner-first culture is built around listening to the needs of IT service providers, and the OpenText family of solutions paired with the Cork Protection active insights platform delivers on those requests." says Dan Candee, CEO, Cork. "Now we have even higher accountability to our partners and the clients we serve together."

MSPs can expect this partnership to provide:

• Increased Revenue Streams: Create new revenue opportunities by offering Cork Protection cyber warranty as an add-on service.
• Improved Client Retention: Strengthen client relationships by providing comprehensive protection, reducing churn and increasing customer lifetime value.
• Reduced Support Costs: Benefit from OpenText's automated cybersecurity solutions and Cork's proactive risk management tools, minimizing support tickets and allowing your team to focus on higher-value tasks.
• Enhanced Business Value: Position your MSP as a trusted advisor by offering a complete cybersecurity solution that addresses both prevention and financial protection.

"OpenText's cloud-based solutions are powerful offerings for businesses facing today's relentless cyber threats," said Sandy Ono, Executive Vice President and Chief Marketing Officer. "When paired with Cork Protection cyber warranty, organizations can effectively protect themselves against some of the serious financial impact of cyberattacks. This comprehensive approach streamlines cybersecurity management, enabling seamless deployment and oversight while optimizing IT resources."

For Small and Medium Businesses, MSPs will now be able to provide:

• Comprehensive Cybersecurity: Gain peace of mind with OpenText's endpoint protection combined with Cork's innovative cyber warranty. This layered approach proactively prevents attacks and provides financial protection if a breach occurs.
• Reduced Financial Risk: Mitigate the impact of cyberattacks with Cork Protection cyber warranty, covering financial losses, legal expenses, and recovery costs.
• Increased Productivity: Benefit from OpenText's cloud-based solutions that minimize disruptions, allowing employees to remain productive while Cork's insights platform effectively manages cyber risks.
• Simplified Cybersecurity Management: Streamline security operations with integrated solutions that are easy to deploy and manage, freeing up IT resources.
• Enhanced Trust and Reputation: Build customer trust with a proactive approach to cybersecurity.

Together, Cork and OpenText Cybersecurity are committed to equipping their clients with the robust solutions necessary to navigate today's evolving cyber threats effectively.

For more information, visit our websites: OpenText Cybersecurity's Webroot and Cork Protection.

About OpenText
OpenText™ is the leading Information Management software and services company in the world. We help organizations solve complex global problems with a comprehensive suite of Business Clouds, Business AI, and Business Technology. For more information about OpenText (NASDAQ/TSX: OTEX), please visit us at www.opentext.com.

About Cork
Cork is a purpose-built cyber warranty company for managed service providers (MSPs) serving small businesses (SMBs) and the software solutions they manage. Its purpose-built platform is driven by an AI-enhanced cyber risk engine designed to offer MSPs and their clients peace of mind with near-instant coverage and settlements in the aftermath of security incidents. Cork's revolutionary Protection from the Inside Out™ approach to actionable insights, flexible premiums, and claims management puts control in the hands of MSPs and SMBs to protect the digital assets they value most. Cork is backed by DVx Ventures, Outsiders Fund, and Vestigo Ventures. For more information, visit corkinc.com and follow Cork on LinkedIn.

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Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies, and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Further, readers should note that we may announce information using our website, press releases, securities law filings, public conference calls, webcasts and the social media channels identified on the Investors section of our website (https://investors.opentext.com). Such social media channels may include the Company's or our CEO's blog, Twitter account or LinkedIn account. The information posted through such channels may be material. Accordingly, readers should monitor such channels in addition to our other forms of communication.

Copyright © 2024 OpenText. All Rights Reserved. Trademarks owned by OpenText. One or more patents may cover this product(s). For more information, please visit https://www.opentext.com/patents.

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