Openet Sees 60% Revenue Growth in 2010
February 1, 2011 - Openet
Openet has announced that it achieved significant corporate growth in key areas of its business in 2010. Increased revenues, solid market traction and the establishment of critical customer and partner relationships contributed to this major increase. Specifically, Openet’s 2010 revenue is up by more than 60% when compared to 2009, with a compound annual growth rate of 55 percent over two years.
There have been a number of reasons for this growth. New devices and higher speed technologies have combined to generate real-time transaction management and network congestion challenges that drew attention in 2010, which in turn has spurred significant market interest in Openet overall, especially in policy management. As a result of having a powerful product to meet policy demand, Openet secured or furthered strategic partnerships with Cisco, Allot and VPI Systems. Additionally, the Company landed customers in South Africa, Indonesia, Brazil and the Netherlands. It also announced European customer wins with Orange France and Meteor for policy and charging/rating, respectively. This traction led Infonetics to name Openet the number three vendor in the policy management space, according to a Fall 2010 report.
In emerging verticals, Openet further developed its partnership with IBM, and announced that it is one of IBM’s key partners for its emerging Cloud business.
Openet also expanded its leadership team across finance, services, support, product development and sales, setting the stage for company-wide growth. Reinforcing its culture of innovation, the Company also formed an application engineering function to harden key applications and solutions build on its software platforms.
“2010 was another year of growth and innovation for Openet, and it shows in every aspect, from our financials to our traction in policy management to our involvement with charging for the iPad,” said Niall Norton, CEO of Openet. “The development in business across the U.S. and Canada, as well as emerging regions of APAC and Africa, sets the stage for further growth in 2011. Overall, Openet is positioned to further strengthen its global presence in 2011.”