In comparison, Zix is a “good deal,” said Deep Analysis founder Alan Pelz-Sharpe, probably in part because the email encryption company that caters to small and medium-sized businesses wasn’t profitable. OpenText must take on Zix’s estimated $200 million debt.

The Zix acquisition, Pelz-Sharpe predicted, will slot right into the OpenText product universe and fill an immediate need for its customers, some of which are large enterprises who didn’t support full-time remote workers before 2020.