Openet Raises $10.5 Million in Funding
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, today announced that it has completed a $10.5m funding round (€7.2 million) to enable expansion for sales and marketing, growth in regional markets and new strategic investments.|
The funding round was led by Cross Atlantic Capital Partners and Enterprise Ireland. Balderton Capital and Cross Atlantic Capital Partners have previously invested in Openet, and also participated in this round of funding. As a result of this fundraising, Paul Sutton, managing partner at Cross Atlantic Capital Partners, will join Openet’s Board of Directors.
“As an established market player, Openet has exhibited tremendous growth around the world,” said Sutton. “With the continued support of its shareholders and the new addition of Enterprise Ireland, we believe that Openet has presence as a truly global company and is setting the stage for continued global expansion.”
“Openet’s track record with Tier 1 service providers in the U.S. and elsewhere, its expanded product portfolio rather then just point solutions and with its pedigree of innovation and global market potential, Openet is very well placed to continue its strong growth globally” said Niall Norton, CEO of Openet. “The Company is poised for great success in 2010 and beyond, as it makes a significant impact on the rapidly changing wireless, broadband and cable markets.”
This investment brings Openet to almost $61 million (€41 million) in total funding.
Today, Openet also announced 50 percent year-over-year revenue growth in 2009.
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.
For more information, visit www.openet.com.