Canada's OpenText Corp. shares surged Monday after the company announced a $1.42-billion US deal to acquire Carbonite Inc. to strengthen its offerings in the highly competitive cloud-based software sector.

The acquisition will be the ninth cloud-focused acquisition for Waterloo, Ont.-based OpenText, said company CEO Mark Barrenechea on a conference call Monday.

"This places OpenText as a leading cloud consolidator. All assets combined, we will be approaching two exabytes 1/81 billion gigabytes 3/8 under management, 100 million end points, millions of subscribers, and cloud operations at hyper scale. Scale matters in the cloud."

OpenText shares were up $2.04, or 3.71 per cent, to $57.01 on the Toronto Stock Exchange in midmorning trading.

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