OpenText: Hidden Gem or Overcooked Acquisition Play?
OpenText has legitimate strengths in enterprise software, but the 'hidden gem' framing ignores declining revenue, sub-1% ARR growth, and an aggressive M&A strategy that's now shedding assets. With FY2025 revenue down 10% and quarterly ARR growing just 0.7%, the AI upside is speculative and the numbers tell a different story than the hype.
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