WATERLOO, Ont. - Business software company OpenText (OTEX.TO) has signed a deal to buy Guidance Software in a deal that values the forensic security firm at US$222 million.

Under the deal, the Waterloo, Ont.-based firm has agreed to pay US$7.10 per share for Guidance Software.

OpenText says the acquisition is expected to complement its portfolio of software and services and broaden its capabilities.