Open Text reports stellar top- and bottom-line growth in fiscal year 2010

Open Text, a global leader in enterprise content management software, reported its fourth quarter and fiscal year-end 2010 results today and the numbers were pretty impressive.

Fourth quarter revenue for 2010 was $240.0 million, an 18 per cent increase compared to 2009.  Net income for the quarter was also up, as Open Text cleared $54.9 million, a 40 per cent increase compared to last year.  

Full fiscal year 2010 figures were also up compared to 2009. Total revenue for fiscal 2010 was $912 million, up 16 per cent compared to $785.7 million in the prior fiscal year. Meanwhile, net income for fiscal 2010 was $178.0 million, up 34 per cent compared to 2009. 

John Shackleton, President & CEO of Open Text, had this to say about the company's overall performance in 2010:

"Our focus for the year has been on profitability and I am pleased that in this difficult economic environment, we have exceeded our profitability targets with disciplined cost control. Demand for vertical solutions, as well as customer need for compliance and back office efficiencies, continue to contribute to our strong pipeline."

It is great to see Open Text, one of Canada's leading technology companies, continue to excel. It won't be long until Canadian business has another member of the "$1 billion in annual sales" club.