Dublin, Ireland; Tuesday, 14th March 2000: Openet Telecom Ltd., which specialises in Internet Protocol mediation software for global telecoms companies and ISP's, has opened an office in Germany as part of its global expansion programme. The company recently received 2m venture capital funding from Cross Atlantic Technology Fund (XATF).
Commenting on the opening Barry Murphy (CEO, Openet Telecom) said, "The German telecoms market is the largest in Europe and one of the most promising worldwide. It was an obvious choice for locating our central European office." Turnover in the German telecoms market in 1998 amounted to $59 billion and with a compound annual growth rate of over 6% it is expected to be close to $70 billion in the year 2000.
The German office will be headed by Gavan Collett who has over 11 years experience in the IT industry. Gavan was previously Sales Director, Central Europe for Vertel Corporation, a leading manufacturer of telecommunications management software.
Germany is one of the largest internet communities in Europe, with an annual subscriber growth of 12.5%. According to Frost & Sullivan, the market for internet services in Germany will increase from $3.3bn in 2000 to $7.9bn in 2004.
Openet Telecom is a leading provider of traditional and IP billing mediation software solutions to traditional wireline, wireless, new license operators and ISPs. Its flagship product, FusionWorks™ provides real-time, and traditional batch mode collection and intelligent mediation of wireline, wireless and IP based networks, altogether a more sophisticated business infrastructure platform to facilitate service providers to win business. FusionWorks™ provides a practical transition solution for Service Providers who wish to leverage their investment in circuit switched networks and maximise revenues from newer packet switched networks and services.
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