3rd September 2001; Openet Telecom, the world leader in convergent mediation solutions for the telecommunications industry, continues to strengthen its position as the world's premier mediation company by helping telecommunications service providers quickly deploy new wire-line, wireless, Internet Protocol and 3G service applications. Openet has recently announced yet another major mediation contract on the heels of major industry recognition and the continued success of its global expansion strategy.
The company was recently selected as "Best New Company" at Billing World 2001 and was named in a Wall Street Journal-Europe survey as a company in which European venture capitalists would most like to invest. Openet has also opened a new, expanded Dublin world headquarters, an office in Australia and will soon establish a US headquarters in Reston. In addition to a significant mediation contract with one of the largest wireless operators in North America, Openet recently announced that its software has been selected to provide convergent mediation for an integrated offering of cable TV, telephony and Internet services by Essent Kabelcom of the Netherlands.
Openet Strengthens Mediation Leadership
"Openet is establishing itself as one of the leading providers of convergent mediation solutions to telecommunications service providers," said Elizabeth Jamieson, head of European Equity Technology Research at Lehman Brothers. "There's more to deploying new network services than just pure communications technology. The task of aggregating, consolidating and filtering data from any point on the network and turning it into a powerful knowledge base for deployment of new applications and services using a conventional approach can often delay product roll-outs for as much as a year or two."
"This is just the beginning for Openet. Our business plan calls for continued, aggressive expansion and customer wins over the next several years," said Barry Murphy, Openet Telecom CEO. "Despite the turbulence currently being experienced in the telecommunications industry, we maintain our goal to be a major contender for every significant mediation opportunity we identify worldwide."
A few of Openet's recent milestones include:
Major Contract with Tier-1 North American Wireless Carrier
Openet Telecom signed a comprehensive, substantial contract for network usage data mediation solutions with one of North America's ,largest mobile carriers. This contract was awarded to Openet in December of last year following one of the most in-depth mediation system reviews in the industry to date. The fact that Openet was awarded the contract based on this evaluation is testament to the flexibility and robust nature of the company's FusionWorks™ mediation system. The carrier is deploying Openet's FusionWorks™ platform as the foundation for its business support systems that includes billing, customer care, data warehousing, fraud management and other related applications.
Essent Kabelcom Contract
Openet Telecom has signed a major contract with Essent Kabelcom, providers of cable TV, telephony and Internet services across the Netherlands. Under this contract, Openet's FusionWorks™ product replaces Essent Kablecom's former mediation solution. FusionWorks™ will collect subscriber usage information so that Essent can mediate realtime or batch-based billing and manage the complexities of convergent services, including VoIP and pay-per-view. It will also work to enable Essent to target strategic sales and marketing campaigns that will lead to increased revenues and improved value-added services.
Named "Best New Company" at Billing World 2001
Openet Telecom was named the "Best New Company" by Billing World magazine at the inaugural 2001 Excellence Awards ceremony on June 25 at Telestrategies' Billing World 2001 Conference and Exhibition in Orlando. The judging panel consisted of editors of Billing World magazine, along with representatives of leading international organizations, including The Yankee Group and DMR Consulting.
Continued Expansion, Establishment of US Headquarters
Openet Telecom recently moved into a new 25,000-square-foot world headquarters in Dublin. The company also revealed that it is in the process of opening a US headquarters in Reston as part of its continued US expansion. Openet already has offices in San Francisco. The company will name a VP for the Americas. Openet currently employs more than 140 people at its Dublin headquarters and offices in the UK, Germany, France, Australia and the US, and expects to create 200 additional new jobs worldwide by the end of 2002.
Named in Wall Street Journal V.C. Envy List
Openet Telecom has been named in a Wall Street Journal-Europe survey as one of the companies in which European venture capitalists would most like to invest. Openet is the only Irish company listed in the quarterly Venture Capital Envy Poll conducted by The Wall Street Journal. The Envy Portfolio is compiled by asking a panel of venture capitalists to name two European-based, venture-backed companies they admire but in which they have been unable to invest. The objective is to build a picture of which early stage companies are currently generating the most excitement in the VC community. Openet is listed among 21 European technology companies that, according to The Wall Street Journal, "boast cutting-edge technologies and impressive management teams to have allowed them to continue to raise substantial funds from private investors."
Chairman and President Named "Entrepreneur of the Year" Finalist
Declan Conway, Openet Telecom chairman and president, has been selected as a finalist for the Ernst & Young (E&Y) "Emerging Entrepreneur of the Year" Award in Ireland. Conway is one of 24 Irish business people shortlisted from 115 entries for this year's awards.
When the finalists were announced, award sponsor The Irish Times newspaper wrote: "Declan Conway focuses on building businesses that enable customers to compete more effectively in the deregulated telecommunications and financial services marketplaces. Openet Telecom Ltd., established in 1999 by Conway, has become a leading provider of key mediation technology that enables communication service providers to bill for usage and content rather than the time/duration parameters most common today. The company has enjoyed impressive growth in its two-year existence and now employs 130 people in 10 different countries. In December, it secured one of the largest mediation deals of its kind in the world to date with a Tier-1 wireless carrier in North America."
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