In a statement released today, Canadian business software maker OpenText Corp said it had entered into a definitive agreement to purchase privately-held cloud computing company GXS Group Inc. The agreement was valued at USD1.17 billion.

The Waterloo, Canada-based software maker said it would be paying USD1.07 billion in cash and another USD100 million in GXS's common shares.

OpenText chief executive officer Mark J. Barrenechea said, "The next generation of enterprise software is Enterprise Information Management. Today's GXS announcement strengthens the Information Exchange pillar with the addition of market leading cloud-based B2B integration services, it expands the EIM buying centers and it strengthens EIM with the addition of cloud-based Managed Services. I look forward to welcoming GXS employees, customers and partners to OpenText in the near future."

Moreover, OpenText said that it would be integrating GXS's portfolio of B2B integration services and managed services into its Information Exchange portfolio to reinforce its leadership in Enterprise Information Management.