Openet Telecom Records Revenue Groth of Over 75% to Close Best Financial Year to Date

Openet Telecom closes fourth fiscal year in its strongest position yet, marked by cash flow positive operations on revenue growth of over 75%

Tuesday, 16th September 2003; Dublin, Ireland and Reston VA; Openet Telecom, a world leader in real-time charging and convergent mediation, today announced end-year revenue growth of over 75% on the previous fiscal year, which runs from July through June. Reflecting the strong financial performance of the company, this revenue growth, supported by strong financial management, has made Openet cash flow positive with full profitability expected next year. With a strong backlog of revenues for the year ahead and almost all of its recent funding round still banked, Openet is positioned for a strong attack on the market moving forward.

Openet has further consolidated its strong position in the Real-time Charging and Active Mediation market by signing a number of world-leading tier one operators in the last year including Verizon Wireless, Orange Group and Telecom Italia Mobile, along with a string of important European and North American deployments. This adds significantly to Openet's growing customer base.

Openet's partnerships have gone from strength to strength, resulting in land-mark deals with both Cisco Systems and Telcordia Technologies. In addition, the company's management team has undergone significant reinforcement over the last year with the appointment of market leaders in sales, services and strategy. This overall strategic strengthening is also reflected in Openet's Series C funding round with Orange Ventures and SAIC, building on the strong presence of existing investors Benchmark Capital and Cross Atlantic Venture Partners.

Technologically, Openet has again led the industry by being first to market with an award-winning Real-time Charging and Active Mediation solution - FusionWorks ActiveCharge™.

Openet's product development and successful sales performance reflect the company's ability to address the wireless 2.5/3G space and emerging technologies including WiFi/WLAN, VOIP and Push to Talk while remaining focussed on wireline and cable business.

"Openet is extremely well positioned for further dramatic revenue growth," stated John Rainger, CEO Openet Telecom. "Our expanding Tier One customer list speaks for itself and we are enjoying unparalleled market access. I am delighted with our results for the last fiscal, but believe that new challenges await - both for vendors and operators. This presents an opportunity for Openet, since we are in as strong a position as possible to deliver real solutions quickly, efficiently and profitably."

Recent milestones for Openet include:

15-Jul-03:Ventelo Norge AS selects FusionWorks Mediation from Openet Telecom

19-Jun-03:Openet Telecom appoints Gary Cuccio as Chairman, underlining continued corporate strengthening

19-Jun-03:Verizon Wireless selects Openet Telecom to provide next generation mediation solution

14-May-03:Openet Telecom to roll out phase 1 of FusionWorks Mediation deployment at Orange Slovensko

07-Apr-03:Edge Wireless selects Openet Telecom to deliver convergent solution with FusionWorks Mediation

26-Mar-03:Openet Telecom strengthens North American focus with appointment of Rich Evans as VP America

11-Mar-03:Openet Telecom deploying FusionWorks Mediation at Orange Suisse

13-Feb-03:Openet Telecom selected by Makedonski Telekomunikacii for convergent mediation deployment

08-Jan-03:Openet Telecom appoints Jan Wiejak as VP Sales EMEA to drive new sales strategy focused on the leading operators

12-Dec-02:Openet Telecom's FusionWorks ActiveCharge wins Product of the Year from Technology Marketing Corporation's Internet Telephony Magazine

20-Nov-02:Openet Telecom to fulfil Orange Group's mediation, content charging and pre-paid needs

11-Nov-02:Openet Telecom finalises Series C financing round of $15million with Orange Ventures and SAIC Venture Capital Corporation

04-Nov-02:Openet Telecom Launches FusionWorks ActiveCharge, taking mediation into its next generation and Openet beyond the competition

01-Oct-02:Telcordia Technologies enters into agreement with Openet Telecom to resell FusionWorks Mediation

28-Aug-02:Openet appoints Tony Melvin as VP of Professional Services to extend its lead as a world-class provider of mediation solutions

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

SHIFT Communications
Megan Lane
Phone: 617-681-1254
Email: mlane@shiftcomm.com