Exhibit 99.1

PRESS RELEASE

Open Text Reports Third Quarter 2007 Financial Results

Company Achieves Strong Cash Flow, Accelerates Debt Payment

Waterloo, ON – May 2, 2007 – Open Text™ Corporation (NASDAQ:OTEX) (TSX:OTC), a leading provider of Enterprise Content Management (ECM) software, today reported unaudited financial results for its third quarter that ended March 31, 2007. (1)

Total revenue for the third quarter was $156.1 million, compared to $100.9 million for the same period in the prior fiscal year. License revenue in the third quarter was $43.0 million, compared to $28.4 million for the same period in the prior fiscal year. (2)

Adjusted net income in the quarter was $17.5 million or $0.34 per share on a diluted basis, compared to $13.7 million or $0.27 per share on a diluted basis for the same period in the prior fiscal year. Net income in accordance with U.S. generally accepted accounting principles (“US GAAP”) was $3.9 million or $0.08 per share on a diluted basis, compared to $7.3 million or $0.15 per share on a diluted basis for the same period in the prior fiscal year. (3)

Cash, cash equivalents and short-term investments as of March 31, 2007 was $159.7 million, compared to $124.4 million as of December 31, 2006. Accounts receivable at the end of the third quarter totaled $113.7 million, compared to $114.1 million in the prior quarter. Days Sales Outstanding (DSO) was 66 days at the end of the third quarter of fiscal 2007, compared to 67 days as of March 31, 2006.

Operating cash flow in the third quarter of fiscal 2007 was $41.3 million compared to $28.7 million in the third quarter of fiscal 2006.

“We met our operating goals and generated strong cash flow. The Hummingbird integration is for the most part complete, and I continue to be pleased with the positive response from our customers and the synergies we are realizing from our employees and products,” said John Shackleton, President and Chief Executive Officer of Open Text.

“The Company plans to make an additional debt repayment of $30 million. Planning for future lump sum debt repayments will be reviewed on a periodic basis,” said Paul McFeeters, Chief Financial Officer of Open Text.

SAP Resells Open Text’s Livelink ECM

Earlier today SAP^® and Open Text jointly announced that SAP is reselling solutions from Open Text. Based on Open Text’s market-leading Livelink ECM solutions, SAP will resell applications marketed under the names “SAP Archiving by Open Text” and “SAP Document Access by Open Text.” Adding powerful capabilities for secure, long-term archiving, Open Text’s solutions complement the existing document management capabilities of SAP applications helping customers increase business process efficiency, reduce risks and ensure compliance with government regulations. Available today, the archiving and document access applications are targeted toward the financial services industry as well as public sector organizations, healthcare companies and other service organizations.

For more details, please see the press release at: http://www.opentext.com/news/pr.html?id=1879.

Share Buyback

Open Text also announced it has initiated a filing to potentially purchase Common Shares over the next 12 months. Open Text may choose to repurchase up to an aggregate of 2,494,053 Common Shares on the Nasdaq National Market, which represents 5% of the issued and outstanding shares, and has filed a notice of its intention to commence an open market repurchase program with applicable Canadian Securities Regulators. Purchases would occur on or after May 7, 2007. As of April 30, 2007, Open Text had 49,881,068 issued and outstanding Common Shares.

Teleconference Call

Open Text will host a conference call on May 2, 2007 at 5:00 p.m. ET to discuss the final financial results of its third quarter.

Date:	Wednesday, May 2, 2007
Time:	5:00 p.m. ET/2:00 p.m. PT
Length:	60 minutes
Where:	416-640-1907

Please dial-in approximately 10 minutes before the teleconference is scheduled to begin. A replay of the call will be available beginning May 2, 2007 at 7:00 p.m. ET through 11:59 p.m. on May 16, 2007 and can be accessed by dialing 416-640-1917 and using pass code 21225309#.

For more information or to listen to the call via Web cast, please use the following link:

http://www.opentext.com/investor/investor_events/index.html

About Open Text

Open Text™ is the world’s largest independent provider of Enterprise Content Management software. The Company’s solutions manage information for all types of business, compliance and industry requirements in the world’s largest companies, government agencies and professional service firms. Open Text supports approximately 46,000 customers and millions of users in 114 countries and 12 languages. For more information about Open Text, visit www.opentext.com.

# # #

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – This press release contains forward-looking statements, including statements about the financial conditions, results of operations and earnings and revenue outlook for Open Text Corporation (“Open Text” or “the Company”). Forward-looking statements in this press release are not promises or guarantees of future performance and are subject to risks and uncertainties that could cause the Company’s actual results to differ materially from those anticipated. The Company cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The results included in this press release are unaudited and therefore are deemed to be forward-looking statements. Factors that may cause actual results or earnings to differ materially from such forward-looking statements include, among others, the following: (i) the future performance, financial and otherwise, of Open Text; (ii) the ability of Open Text to bring new products to market and to increase profits; (iii) the strength of the Company’s product development pipeline; (iv) the Company’s growth and profitability prospects; (v) the estimated size and growth prospects of the ECM market; (vi) the Company’s competitive position in the ECM market and its ability to take advantage of future opportunities in this market; (vii) the benefits of the Company’s products to be realized by customers; and (viii) the demand for the Company’s product and the extent of deployment of the Company’s products in the ECM marketplace. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. The risks and uncertainties that may affect forward-looking statements include, but are not limited to: (i) integration of acquisitions and related restructuring efforts, including the quantum of restructuring charges and the timing thereof; (ii) the possibility that the Company may be unable to meet its future reporting requirements under the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder; (iii) the risks associated with bringing new products to market; (iv) fluctuations in currency exchange rates; (v) delays in the purchasing decisions of the Company’s customers; (vi) the competition the Company faces in its industry and/or marketplace; (vii) the possibility of technical, logistical or planning issues in connection with the deployment of the Company’s products or services; (viii) the continuous commitment of the Company’s customers; (ix) demand for the Company’s products; and (x) other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K for the year ended June 30, 2006. Forward-looking statements are based on management’s beliefs and opinions at the time the statements are made, and the Company does not undertake any obligation to update forward-looking statements should circumstances or management’s beliefs or opinions change.

Notes

(1) Based on comparison of historic revenue figures publicly disseminated by companies in the Enterprise Content Management (“ECM”) sector. All dollar amounts in this press release are in US Dollars unless otherwise indicated.

(2) In addition to these GAAP and adjusted results the Company has provided financial information that adds-back maintenance revenue eliminated due to the impact of purchase accounting entries on deferred revenue and the impact of interest expense. Management believes that the furnishing of these adjustments provide a consistent basis for comparison between quarters and help to more accurately reflect Open Text’s underlying operating results.

	Three months ended March 31, 2007
GAAP Revenue	$	156.1
Maintenance revenue adjustment for purchase accounting		3.5
Non-GAAP revenue	$	159.6
Adjusted Income	$	17.5
Maintenance revenue adjustment for purchase accounting		3.5
Net Interest Expense		7.6
Income tax effect (@ 32%)		(3.5	)
Non-GAAP net income	$	25.1
Adjusted EPS—Diluted	$	0.34
Non GAAP Adjustments (net of tax)
—Maintenance		0.05
—Interest		0.10
Non-GAAP EPS	$	0.49

(3) Use of US Non-GAAP financial measures

In addition to reporting financial results in accordance with US GAAP, the Company provides certain financial measures that are not in accordance with US GAAP. These non-US GAAP financial measures have certain limitations in that they do not have a standardized meaning; and as a result, the Company’s definition may be different from similar non-US GAAP financial measures used by other companies and/or analysts and may differ from period to period. Thus, it may be more difficult to compare the Company’s financial performance to that of other companies. However, the Company’s management compensates for these limitations by providing the relevant disclosure of the items excluded in the calculation of adjusted net income and adjusted EPS, both in its reconciliation to US GAAP net income and EPS and in its consolidated financial statements, all of which should be considered when evaluating the Company’s results. The Company uses the financial measures adjusted EPS and adjusted net income to supplement the information provided in its consolidated financial statements, which are presented in accordance with US GAAP. The presentation of adjusted net income and adjusted EPS is not meant to be a substitute for net income or net income per share presented in accordance with US GAAP, but rather should be evaluated in conjunction with and as a supplement to such US GAAP measures. Open Text strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure. The Company therefore believes that despite these limitations, it is appropriate to supplement the disclosure of the US GAAP measures with certain non-US GAAP measures for the reasons set forth below. Adjusted net income and adjusted EPS are calculated as net income or net income per share on a diluted basis, excluding, where applicable, the amortization of acquired intangible assets, other income (expense), share-based compensation and restructuring, all net of tax. The Company’s management believes that the presentation of adjusted net income and adjusted EPS provides useful information to investors because it excludes non-operational charges. The use of the term “non-operational charge” is defined by the Company as those that do not impact operating decisions taken by the Company’s management and is based upon the way the Company’s management evaluates the performance of the Company’s business for use in the Company’s internal reports. In the course of such evaluation and for the purpose of making operating decisions, the Company’s management excludes certain items from its analysis, such as amortization of acquired intangibles, restructuring costs, other income/expense, share-based compensation and

the taxation impact of these items. These items are excluded based upon the manner in which management evaluates the business of the Company and are not excluded in the sense that they may be used under US GAAP. The Company believes the provision of supplemental non-US GAAP measures allows investors to evaluate the operational and financial performance of the Company’s core business using the same evaluation measures that management uses. The provision of supplemental non-US GAAP measures is a useful indication of Open Text’s performance or expected performance of recurring operations and it facilitates period-to-period comparison of operating performance. As a result, the Company considers it appropriate and reasonable to provide, in addition to US GAAP measures, supplementary non-US GAAP financial measures that exclude certain items from the presentation of its financial results in this press release. The following charts provide an unaudited reconciliation of US GAAP based financial measures to non-US GAAP based financial measures referred to in this press release:

Reconciliation (unaudited) of US GAAP based Net Income to Adjusted Net Income (in millions of US dollars) for the quarters ended March 31, 2007 and 2006:

	Three months ended March 31, 2007			Three months ended March 31, 2006
GAAP based “Net Income”	$	3.9		$	7.3
Special Charges/(recovery)		0.9			(0.6	)
Amortization of intangibles		17.8			7.0
Other (Income)/Expense		0.1			1.6
Share-based compensation		1.3			1.1
Tax Impact on Above		(6.5	)		(2.7	)
Non-GAAP based “Adjusted Net Income”	$	17.5		$	13.7

Reconciliation (unaudited) of US GAAP based EPS to non-US GAAP based EPS (calculated on a diluted basis) for the quarters ended March 31, 2007 and 2006:

	Three months ended March 31, 2007			Three months ended March 31, 2006
GAAP based “Net Income”	$	0.08		$	0.15
Special Charges/(recovery)		0.02			(0.01	)
Amortization of intangibles		0.35			0.14
Other (Income)/Expense		0.00			0.03
Share-based compensation		0.03			0.02
Tax Impact on Above		(0.14	)		(0.06	)
Non-GAAP based “Adjusted Net Income”	$	0.34		$	0.27

For more information, please contact:

Paul McFeeters

Chief Financial Officer

Open Text Corporation

+1-905-762-6121

pmcfeeters@opentext.com

Greg Secord

Director, Investor Relations

Open Text Corporation

+1-519-888-7111 ext.2408

gsecord@opentext.com

OPEN TEXT CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars, except share data)

	March 31, 2007			June 30, 2006
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	159,683		$	107,354
Accounts receivable trade, net of allowance for doubtful accounts of $1,959 as of March 31, 2007 and $2,736 as of June 30, 2006		113,737			75,016
Income taxes recoverable		—			11,924
Prepaid expenses and other current assets		12,262			8,401
Deferred tax assets		25,122			28,724
Total current assets		310,804			231,419
Investments in marketable securities		—			21,025
Capital assets		45,361			41,262
Goodwill		526,636			235,523
Acquired intangible assets		362,115			102,326
Deferred tax assets		53,562			37,185
Other assets		9,318			2,353
	$	1,307,796		$	671,093
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	99,187		$	62,535
Current portion of long-term debt		4,305			405
Deferred revenues		142,771			74,687
Income taxes payable		22,192			—
Deferred tax liabilities		5,790			12,183
Total current liabilities		274,245			149,810
Long-term liabilities:
Accrued liabilities		18,880			21,121
Long-term debt		396,334			12,963
Deferred revenues		4,051			3,534
Deferred tax liabilities		107,928			19,490
Total long-term liabilities		527,193			57,108
Minority interest		6,299			5,804
Shareholders’ equity:
Share capital
49,810,068 and 48,935,042 Common Shares issued and outstanding at March 31 2007 and June 30, 2006, respectively; Authorized Common Shares: unlimited		423,381			414,475
Additional paid-in capital		33,626			28,367
Accumulated other comprehensive income		56,746			42,654
Accumulated deficit		(13,694	)		(27,125	)
Total shareholders’ equity		500,059			458,371
	$	1,307,796		$	671,093

OPEN TEXT CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands of U.S. dollars, except per share data)

	Three months ended March 31,						Nine months ended March 31,
	2007			2006			2007			2006
Revenues:
License	$	43,032		$	28,415		$	123,282		$	90,489
Customer support		79,042			45,966			205,352			136,656
Service		33,978			26,545			91,834			77,182
Total revenues		156,052			100,926			420,468			304,327
Cost of revenues:
License		3,515			3,900			9,637			8,099
Customer support		12,431			7,103			31,821			21,595
Service		28,042			19,840			77,012			61,848
Amortization of acquired technology intangible assets		10,433			4,730			25,675			14,013
Total cost of revenues		54,421			35,573			144,145			105,555
		101,631			65,353			276,323			198,772
Operating expenses:
Research and development		21,176			14,153			57,950			44,824
Sales and marketing		39,069			24,677			107,450			78,562
General and administrative		15,947			11,210			43,688			33,298
Depreciation		3,626			2,694			10,525			8,034
Amortization of acquired intangible assets		7,396			2,298			17,147			6,825
Special charges (recovery)		878			(557	)		5,253			26,347
Total operating expenses		88,092			54,475			242,013			197,890
Income from operations		13,539			10,878			34,310			882
Other income (expense)		(98	)		(1,554	)		604			(3,318	)
Interest income (expense), net		(7,550	)		685			(14,670	)		1,001
Income (loss) before income taxes		5,891			10,009			20,244			(1,435	)
Provision for income taxes		1,914			2,558			6,421			928
Net income (loss) before minority interest		3,977			7,451			13,823			(2,363	)
Minority interest		124			129			392			462
Net income (loss) for the period	$	3,853		$	7,322		$	13,431		$	(2,825	)
Net income (loss) per share—basic	$	0.08		$	0.15		$	0.27		$	(0.06	)
Net income (loss) per share—diluted	$	0.08		$	0.15		$	0.26		$	(0.06	)
Weighted average number of Common Shares outstanding
Basic		49,490			48,762			49,203			48,590
Diluted		51,134			50,260			50,703			48,590

OPEN TEXT CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)

	Three months ended March 31,						Nine months ended March 31,
	2007			2006			2007			2006
Cash flows from operating activities:
Net income (loss) for the period	$	3,853		$	7,322		$	13,431		$	(2,825	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		21,455			9,722			53,347			28,872
Share-based compensation expense		1,261			1,143			3,861			3,886
Undistributed earnings related to minority interest		124			129			392			462
Amortization of debt issuance costs		274			—			531			—
Unrealized loss on financial instruments		364			—			576			—
Deferred taxes		(14,270	)		2,272			(23,194	)		(3,773	)
Impairment of capital assets		—			150			—			3,817
Changes in operating assets and liabilities:
Accounts receivable		3,550			3,360			27,047			8,826
Prepaid expenses and other current assets		(212	)		379			682			(549	)
Income taxes		1,173			(110	)		(3,381	)		(1,823	)
Accounts payable and accrued liabilities		(4,777	)		(12,647	)		(9,690	)		(1,300	)
Deferred revenue		28,326			16,554			14,889			7,350
Other assets		221			425			3,916			2,428
Net cash provided by operating activities		41,342			28,699			82,407			45,371
Cash flows from investing activities:
Acquisition of capital assets		(729	)		(2,729	)		(4,620	)		(16,826	)
Additional purchase consideration for prior period acquisitions		—			—			(856	)		(3,369	)
Purchase of IXOS, net of cash acquired		(219	)		(423	)		(1,086	)		(4,651	)
Purchase of Hummingbird, net of cash acquired		—			—			(384,761	)		—
Purchase of Momentum, net of cash acquired		(4,076	)		—			(4,076	)		—
Investments in marketable securities		—			—			(829	)		—
Acquisition related costs		(8,049	)		(1,750	)		(28,249	)		(3,594	)
Net cash used in investing activities		(13,073	)		(4,902	)		(424,477	)		(28,440	)
Cash flows from financing activities:
Excess tax benefits on share-based compensation expense		381			159			1,122			803
Proceeds from issuance of Common Shares		6,365			1,567			8,829			3,452
Repayment of long-term debt		(1,071	)		(61	)		(2,244	)		(61	)
Proceeds from long-term debt		—			—			390,000			12,928
Debt issuance costs		—			—			(7,433	)		—
Net cash provided by financing activities		5,675			1,665			390,274			17,122
Foreign exchange gain (loss) on cash held in foreign currencies		1,338			1,025			4,125			(463	)
Increase in cash and cash equivalents, during the period		35,282			26,487			52,329			33,590
Cash and cash equivalents at beginning of period		124,401			87,001			107,354			79,898
Cash and cash equivalents at end of period	$	159,683		$	113,488		$	159,683		$	113,488