Openet sees strong performance as market moves to real-time and automated solutions
April 28, 2017 - Openet
Dublin, Ireland – 28th April 2017 – Openet, the leading supplier of real-time BSS and customer engagement systems, announced that 2016 revenues will be in line with expectations of well over US$100M and operating profit will be over 7%, representing a solid financial year. Many service providers are now upgrading legacy BSS to enable the new business cases that 4G is driving and to be ready for IoT and 5G. This involves adjuncting new real-time and automated systems to existing batch based legacy systems. This, along with the move to systems virtualization, is resulting in new market opportunities for Openet.
In 2016 Openet continued to make significant investments to build on its position as the leading independent BSS vendor in the market. These investments included:
- Openet Accelerate – a new business unit set up to develop solutions based on automated networks, virtualisation and cloud technologies.
- Regional expansion – in CALA and APAC markets
- 18% of revenues invested in R&D
Niall Norton, Openet CEO, “2016 was a significant year for Openet. We won major deals with new customers and made a significant investment in ensuring that our solutions and offers are ready for the future advances in the market. We saw several of our competitors struggle with the new emphasis in the market for open systems and a move towards best of breed solutions that can quickly deliver value. We at Openet, with our customers, are driving this change and the investments we’ve made in 2016 underline this.”
As well as existing customers buying new Openet solutions such as Real-time Offer Manager, Openet also won several new customer deals in 2016. These include leading mobile operators in CALA, APAC, EMEA and North America; as well as increased FMC and satellite presence. These new wins have helped see a 26% increase in the number of subscribers managed by Openet customers – up from an estimated 500M at the start of 2015 to 631M. This equates to 11% of all mobile subscribers in the world.
Openet is in a strong trading position. The Company announced a significant new investment partner in February 2017, and enjoys record levels of cash reserve and credit facilities in place to support the increasing demand for its solutions.
Openet provides the solutions and consulting services to enable service providers fast track their digital journeys. Our real-time solutions provide the digital platform for service providers to be more agile and innovative. This improves how they engage with their customers to drive new revenues and increase their share of their customers’ digital spend.
Since its foundation in 1999, Openet has been at the forefront of telecoms software development and innovation. Its success is personified by the many long-term relationships it has fostered with the largest, most progressive, and demanding operators across the globe. For more information visit www.openet.com.