Log In

 
Company : Business Wire 
Thursday, September 9, 2004 1:10PM IST (7:40AM GMT)
 
(BW)(VA-OPENET-TELECOM)
Openet Raises Profit, Revenues up 75% for Second Consecutive Year
Openet Telecom Closes Trading Year with Compelling Revenue Growth and Profitability
 
Dublin, Ireland

Openet Telecom, a world leader in convergent mediation, real-time charging and rating, Wednesday 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 Telecom

Established in July 1999, Openet Telecom is a world-leading provider of real-time revenue generating solutions that enable network operators to maximize the profitability of their network and services. Our products, FusionWorks Mediation, FusionWorks ActiveCharge and FusionWorks ActiveRate enable network operators with diverse networks to easily implement, manage, charge for, rate and bill sophisticated services - leading to enhanced profitability and quality of service. With headquarters in Dublin, Ireland and offices in Reston VA, Singapore, London, Paris, Rome, Madrid and San Francisco, Openet Telecom has signed customers that include British Telecom, Cingular, Orange Group, Telecom Italia Mobile and Verizon Wireless. For more information, visit us at http://www.openet-telecom.com

 
 
 
Submit your press release
More News from Business Wire

09/08/2018 7:37PM

Corporate Social Responsibility Related News Releases and Story Ideas for Reporters, Bloggers and Media Outlets

Following are the latest Corporate Social Responsibility news releases and story ideas available from Business Wire. These recaps, curated by Business Wire, provide reporters and bloggers around the globe instant access ...

26/07/2018 6:07PM

Corporate Social Responsibility Related News Releases and Story Ideas for Reporters, Bloggers and Media Outlets

Following are the latest Corporate Social Responsibility news releases and story ideas available from Business Wire. These recaps, curated by Business Wire, provide reporters and bloggers around the globe instant access ...

12/07/2018 5:30PM

Corporate Social Responsibility Related News Releases and Story Ideas for Reporters, Bloggers and Media Outlets

Following are the latest Corporate Social Responsibility news releases and story ideas available from Business Wire. These recaps, curated by Business Wire, provide reporters and bloggers around the globe instant access ...

Similar News

09/08/2018 7:28PM

Newly Approved Target-Date Retirement Funds to Become Available on Ant Fortune Platform

Ant Financial Services Group (“Ant Financial” or “the Company”) today announced that 14 newly approved target-date retirement funds will be made available on the Company’s wealth management ...

No Image

08/08/2018 9:50AM

BOARD International Positioned as a Visionary in the Gartner Magic Quadrant for Cloud Financial Planning and Analysis Solutions & Magic Quadrant for Cloud Financial Close Solutions

Leading analyst and advisory firm Gartner has named decision-making platform provider BOARD International as a Visionary in both its 2018 Magic Quadrant for Cloud Financial Planning and Analysis Solutions & Magic ...