IDI Merges with Open Text Corporation
June 3, 1998
On June 3, 1998, Gores Technology Group (GTG) completed the sale of its Information Dimensions, Inc. (IDI) subsidiary to OpenText Corp. of Waterloo, Ontario.
This transaction creates a merged company with greater than a 40% share of the worldwide enterprise document management market. "We are very pleased that the success of our involvement with IDI has led to this advantageous and strategic connection," said Alec Gores, Chairman & CEO of GTG. "We recognized the potential of IDI when we acquired it a year ago, and we were convinced that our re-engineering program would enable IDI to realize that potential." GTG is a leading international technology acquisition and management company that pursues an aggressive strategy of acquiring promising high-technology organizations and then managing them for growth and profitability. As a result of this strategy, GTG's rapid growth to its current $250 million size has come from strong internal expansion as well as from its strategic acquisitions. "The strengthening of Information Dimensions is a good example of how we apply this strategy," Gores said. "We completed the acquisition in under 60 days and immediately started our company re-engineering process. In just ten months, this proactive program halted IDI's decade-long pattern of red ink by stabilizing the workforce, reinvigorating IDI's technology, and refining its sales and marketing programs to ensure responsive products and support for its blue-ribbon customers." Currently, Information Dimensions has 170 employees and sales of over $22 million. Its BASIS document management package now has an installed base of 500 corporate customers, including many leading global 2000 companies and government organizations such as Boeing, 3M, Chrysler, Shell, L'Oreal, and the World Bank. "The employees have been key to this success," Gores said. "As we encouraged middle managers to participate in the planning as well as the performance of key projects, they became increasingly involved in their company. These entrepreneurial opportunities gave them a real sense of ownership in their company. "Now, with this synergistic merger of IDI into OpenText, we believe that we have helped secure the futures of these employees. Indeed, everyone has participated in the success leading to this transaction. This has been a tremendous evolution in just one year, and we believe IDI and OpenText are well positioned for continued success."