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Open Text Corp. (TSX:OTC) has signed a deal with HP Inc. to buy a group of customer experience software and services assets for US$170 million in cash.

The business software company said the deal, which includes about 400 employees, will complement its portfolio and allow it to offer customers a wider selection of options.

Under the deal, Open Text will acquire HP TeamSite, a management platform for web content, HP MediaBin, a digital asset management system, and HP Qfiniti, a workforce optimization system.

The agreement also includes HP Explore, HP Aurasma and HP Optimost.

Open Text said the business being acquired is expected to generate between US$85 million and US$95 million of annualized revenues.

The deal is expected to close in the fourth quarter of the company's 2016 financial year.