The vibrant 5G future is at the centre of Amdoc’s decision to acquire Dublin firm Openet.
Dublin software company Openet has been acquired by tech giant Amdocs in a deal worth €155.2m ($180m).
Openet, founded by Joe Hogan in 1999, had only two years previously been engaged in a long-running patent infringement dispute with Amdocs.
“We have been on a 20-year journey in Openet to build a business of which we can all be proud”
The Irish company employs 580 people worldwide, of which 200 are in Dublin.
“We have been on a 20-year journey in Openet to build a business of which we can all be proud,” said Joe Hogan, Openet founder and CTO.
“In recent years, we have built new 5G products which are recognised worldwide for their innovation and modern open, cloud-native architecture. We all look forward to the combined technology strengths of Openet and Amdocs creating new opportunities for service providers at this exciting time of 5G adoption.”
Powering the 5G future
The Boards of Directors of Openet and Amdocs have approved the transaction for net consideration of approximately $180 million in cash which, subject to the satisfaction of the conditions to closing, is expected to be completed before the end of the fourth quarter of fiscal 2020(1).
Openet has been generating in the past two calendar years revenue of roughly $70m per annum.
“We are delighted the innovative Openet team is joining Amdocs. They bring world-class cloud-native capabilities, network pedigree, and deep 5G charging, policy and data management expertise,” said Shuky Sheffer, president and CEO of Amdocs.
“The Openet solutions complement our portfolio and this acquisition is part of our mission to accelerate the industry’s move to the cloud.”
The two companies said they are excited by the opportunity to bring Openet’s open and network-centric technologies to Amdocs’ 350+ service provider customers worldwide, helping them to succeed in the wave of 5G advancements around cloud, edge compute, IoT and new customer experiences.
“We are excited to join Amdocs, with whom we have been alongside at customers for many years, and help bring fast value to service providers’ 5G plans. It is truly a momentous day for Openet and for all of our stakeholders,” said Niall Norton, Openet CEO. “Given the strong momentum of our business this is an optimal time to be joining Amdocs. The caliber, resources and reach of Amdocs will bring significant and widespread opportunities across each of our disciplines.”
Written by John Kennedy (john.kennedy3@boi.com)
Published: 24 July, 2020
