OpenText plans to cut 1,200 jobs and create 800 new positions as part of a business optimization plan.

Waterloo-based software company OpenText plans to cut 1,200 jobs (1.7% of workforce) as part of a business optimization plan. This move will cost the company around $60 million but generate $150 million in savings annually. OpenText aims to strategically align its workforce to support growth and innovation plans. The company also intends to create 800 new positions in sales and engineering.