Open Text selling unit to Bain Capital-backed Rocket Software for $2.28B

Open Text Corp.’s stock OTEX was up by 2% in premarket trading on Wednesday, a day after the company said it would sell its AMC business unit to Rocket Software Inc., a Bain Capital portfolio company, for $2.28 billion in cash. OpenText’s AMC unit specializes in mainframe modernization and connectivity software for more than 10,000 customers. Open Text said the deal will reinforce its focus on cloud and artificial intelligence products. “We are divesting our mainframe business so we can singularly focus on the powerful Cloud and AI opportunities within Information Management,” the company said. The company plans to use…