RED HERRING REVEALS WINNERS OF THE RED HERRING 100 NORTH AMERICA Award Recognizes the 100 “Most Promising” Companies Driving the Future of Technology

San Francisco, CA, June 3, 2008 –Openet, the leading provider of Transactional Intelligence solutions for the world’s largest and most innovative service providers, was recently announced as a recipient of the Red Herring 100 North America, an award given to the top 100 private technology companies based in the region.

"The large number of entries in this year's competition demonstrates that the economic slowdown has not affected technology innovation," said Joel Dreyfuss, editor-in-chief of Red Herring. "The companies on this year's list are proof that creative ideas continue to find the funding that turns them into promising businesses."

Red Herring’s annual lists of top private companies are an important part of the company’s tradition of identifying new and innovative technology companies and entrepreneurs. Companies like Google, eBay and Skype were spotted in their early days by Red Herring editors, and touted as leaders that would change the way we live and work.

Through its event processing and transaction management solutions, Openet enables Tier 1 telecom, and now cable, service providers all over the world to maximize revenue from new and existing services. Openet’s Transactional Intelligence capabilities aid the ever-evolving telecom and cable markets in the innovation of new services to meet growing consumer demand.

“We strive, as we always have, to provide superior Transactional Intelligence in a rapidly-changing marketplace,” said CEO Niall Norton. “We’re honored that Red Herring has recognized our rapid and consistent growth in global innovation, and look forward to continued success worldwide.”

Red Herring’s editorial staff rigorously evaluated more than 800 private companies through a careful analysis of financial data and subjective criteria, including quality of management, execution of strategy, and dedication to research and development.

About Red Herring

Red Herring is a global media company which unites the world’s best high technology innovators, venture investors and business decision makers in a variety of forums: a leading innovation magazine, an online daily technology news service, technology newsletters, and major events for technology leaders around the globe. Red Herring provides an insider’s access to the global innovation economy, featuring unparalleled insights on the emerging technologies driving the economy. More information about Red Herring is available on the Internet at www.redherring.com.

About Openet

Openet is a leading worldwide provider of event processing and transaction management solutions. The Transactional Intelligence of the company's solutions extracts increased value from diverse service provider networks, enabling rapid introduction of new services and reliable, cost-effective management of existing services. Openet is focused on delivering best-in-class network edge solutions and specialized engagement processes that create business value from network activity. A global company, Openet's implementations include long-running engagements with the world's leading service providers such as British Telecom, Orange, AT&T and Verizon Wireless. For more information, visit www.openet.com.

For further information:
Openet
Andrea Kavanagh
Phone: +353 1 620 4600
Email: Andrea.Kavanagh@openet.com

or

Megan Lane
SHIFT Communications
(617) 779-1854
mlane@shiftcomm.com