Canadian business software maker Open Text Corp said it would buy privately-held cloud computing company GXS Group Inc for $1.17 billion.

GXS's cloud-based services help more than 550,000 e-commerce businesses to integrate and manage processes and transactions.

Open Text said in a statement that it would pay about $1.07 billion of the deal amount in cash and $100 million in its common shares.

(Reporting by Sayantani Ghosh in Bangalore; Editing by Kirti Pandey)