Software company OpenText Corp. (Nasdaq: OTEX) has inked a $330 million deal for Actuate Corp., a provider of analytics software.

The acquisition allows OpenText to own Actuate's signature software, known as BIRT, or Business Intelligence and Reporting Tools. The program delivers personalized analytics and business intelligence.

Waterloo, Ontario-based OpenText, considered Canada's largest software company, specializes in enterprise information management. The company notes that the Actuate acquisition will be funded with cash on hand and that the boards of both companies have approved the deal.

The transaction is expected to close in the third quarter of fiscal 2015.

Actuate is headquartered in San Mateo, Calif., and has offices in Toronto, Singapore, France, Germany, Japan, Switzerland, China and the United Kingdom.

It's the latest target in what has so far been a growth year for OpenText, which has cited the analytics market as an attractive sector to do deals. In January, it paid $1.17 billion for GXS Group, a company based in Gaithersburg, Maryland — the company's largest purchase to date.

In 2006, OpenText spent $485 million on Hummingbird Communications, which it rebranded into Connectivity Solutions.

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