ECM giant OpenText has made a further two enterprise software acquisitions, forensic security and eDiscovery vendor Guidance Software for $US240 million, and Covisint, a Cloud platform for building digital identity management, Internet of Things (IoT) applications, and automotive and transportation supply chain.

Under the terms of the merger agreement, OpenText will commence a tender offer to acquire all outstanding shares of Guidance Software common stock in a transaction valued at approximately $240 million. Subject to the terms and conditions of the offer, Guidance stockholders will receive $7.10 per share in cash for each outstanding share of common stock held.

"Our board of directors has carefully evaluated the merger proposal by OpenText and believes it represents the best value reasonably attainable for our stockholders and will benefit our customers and employees,” said Patrick Dennis, Guidance president and CEO.

“We believe this all-cash transaction offers our stockholders liquidity and certainty of value. Joining with OpenText is a new beginning for Guidance products, customers and employees.”

OpenText CEO and CTO Mark J. Barrenechea believes the addition of the Covisint platform will allow OpenText clients to unlock the value of their information through automation, analytics, and artificial intelligence.

“Digital identity management, the Internet of Things, and B2B collaboration are at the heart of today’s digital revolution where extreme connectivity, automation, and computing are converging,” he said.