PRESS RELEASE

Openet Raises Profit, Revenues up 75% for Second Consecutive Year

September 8, 2004 - Openet

Wednesday, 8th September 2004; Dublin, Ireland and Reston VA; Openet Telecom, a world leader in convergent mediation, real-time charging and rating, today announced its most successful trading year to date with revenues up 75% year-on-year, 11 new customers and an active acquisitions strategy in place. This is the second consecutive year of 75% revenue growth and Openet is on track to continue its rapid commercial and technological growth path.

During the year, Openet signed new contracts with 11 Tier 1 operators, including BT Global Services, BT Wholesale and Cingular Wireless. This represents an overall increase of 25% in customer numbers. Additional revenues were generated from follow-on business with many existing customers. Openet now has over 40 customers, split between wireline and wireless operators and between North America and Europe. Openet has also signed its first Asia Pacific deal with a significant Tier 1 operator in the region. Details of this, and another six contracts, have yet to be announced.
 
On the basis of growing demand in Asia Pacific, Openet opened a regional office in Singapore. Openet also operates a service and support centre in Melbourne, Australia, a software development team at Pune, India and has an implementation partnership with Mahindra BT. Openet continues its expansion into Latin America to support strong demand for its solutions in the region.
 
Openet continues to build and strengthen its team at every level. Simon Cassif, formerly President, Amdocs Europe and Terry Vega, Group President of Telcordia's Mobility, Cable and Emerging Markets Unit, joined Openet's Board. Niall Norton was appointed as CFO to the company, from his position as CFO O2 Ireland. In total, Openet employs over 150 people, up 50% on last year.
 
Strategically, Openet strengthened its position in the real-time charging space with the acquisition of Sepro and its award winning rating engine, e-Rate. Renamed FusionWorks ActiveRate, this solution has been upgraded and is available as a stand alone rating solution or, integrated with FusionWorks ActiveCharge, as the only real-time charging solution with a fully integrated rating engine offered by a single vendor.
 
“I am delighted with Openet's overall performance and strong move into profitability this year. Not alone have we added to our customer base, we have extended our product scope, dramatically grown revenues and generated a real profit,” said John Rainger, CEO Openet Telecom.
 
“At Openet, we believe that the new telecoms world requires intelligence and decision making to be brought close to the network, rather than dispersed through layers of interfaced applications. We believe that speed of response is of the essence and that a real-time approach is needed for tasks that were previously carried out after the event. This is engineered into everything we do.”
 
We have a very strong financial position and balance sheet and have significant shareholder support for our continued rapid growth - both organically and through acquisition. Openet will continue to focus on fulfilling our solutions-led strategy, offering high levels of agility, knowledge transfer, customer satisfaction and domain expertise. We are very much on track to deliver on our goal of being the leader in this competitive space,” he said.

About Openet
 
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.
 

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