Openet Experienced Best Performance in 10-Year History During 2009
February 2, 2010 - Openet
|DUBLIN, Ireland – February 2, 2010 – Openet, the leading provider of Transactional Intelligence for the world’s largest and most innovative network service providers, has experienced its most successful year since the Company’s founding. This growth spanned all key areas: overall revenue, global presence, partnerships and Openet’s product portfolio.|
Despite a struggling global economy, Openet increased its 2009 revenue by 50 percent over 2008. This growth is attributed to global service provider adoption of solutions that enable more innovative business models and provide greater visibility into end-user service usage, and recognition by those service providers that Openet delivers superior transactional solutions over competing vendors.
“Openet is the recognized market leader in Transactional Intelligence solutions, and this combination of profitability, market and portfolio expansion and added partners is just another proof point of continued innovation and success,” said Niall Norton, CEO of Openet. “After ten years, Openet has built a solid customer base and an innovative product portfolio for service providers around the world. The Company’s performance in 2009 as the world economy continued its downward slide is an excellent indicator of the value that Openet brings to its customers and partners.”
In addition to year-over-year revenue growth, Openet has expanded its presence in several key regions around the globe, including CALA and Asia Pac. The Company added 100 new employees in 2009, 50 of those in the Asia Pac region. Most notably, Openet expanded its Kuala Lumpur office, which serves as a hub for global research and development.
Openet experienced a year of innovation in 2009, rolling out new wireless and broadband policy management solutions for operators such as Tiered Service Controls, Corporate Spending Controls and Partner Service Controls. The Company continued to make strong investments in new product and solution development, and will launch new and enhanced products and solutions in 2010.
Openet announced its formal entry into the cable market along with three cutting-edge solutions: Audience & Engagement Measurement, Convergent Usage Measurement and Interactive Services Fulfillment. In addition, Openet announced Content Anywhere, which enables operators to deploy TV Everywhere services, later in the year. These solutions are designed to provide richer, more personalized experiences for cable viewers, as cable operators work to create new revenue streams. The Company also announced five leading North American cable operator customers upon market entry.
In 2009, the Company focused on the continued development of partnerships and alliances with leading industry players, including Cisco, Starent, IBM, Oracle, Huawei and Sandvine. The Company signed significant partnership agreements with Cisco and Sandvine, under which these partners can integrate Openet’s Policy Management product with the packet core products they provide. These solutions enable service providers to handle congestion and fair use challenges that plague 3G, WiMAX and LTE networks with high data traffic. The solutions also solve more complex challenges for revenue generation and cost management not available from most other solution providers in the market.
Openet executed a number of strategic agreements with key partners in 2009 that allow for more end-to-end packaging of solutions to be provided to its customers directly from Openet. This bundling of Openet’s products, third party software and hardware and associated services allows customers to procure from one vendor a cost-effective and lower-risk solutions deployment.
Openet has also secured a $10.5 million round of funding, raised to ensure continued market expansion and strategic investments in the wireless, broadband and cable markets.
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 BT, Orange, AT&T and Verizon Wireless.