The Waterloo, Ont., business software company says it will pay US$6.60 per share in cash for all outstanding shares of Actuate. The Silicon Valley-based company will put US$58.3 million cash towards the deal, making the total enterprise value approximately US$272 million
OpenText will fund the takeover with cash on hand.
It says the agreement has already been approved by boards at both companies.
Actuate employs more than 500 workers in 12 countries and has about 5,000 customers in financial services, technology and government.