Sunday, October 24, 2010

Openet Expects Revenues of €75M in 2010 ; Getting Ready for IPO

John Collins from the reports that "OPENET TELECOM posted its first profit last year as turnover grew almost 50% to €46.1M and the company says it is still planning for a Nasdaq flotation ..  posted a pre-tax profit of €1.2M compared to a loss of €2.3M in 2008, in accounts seen by The Irish Times"

See "First profit for Openet as lawsuit delays flotation" - here.

Openet's CEO Niall Norton said "Openet had planned to be “IPO ready in 2011” but this would be delayed due to a lawsuit filed by Amdocs [here], a much larger Israeli competitor, in the US courts .. the company expected to increase revenues in 2010 to around €75M .. If a flotation is delayed the company would consider going to its shareholders for bridging finance .. Openet has developed a very successful relationship with Cisco [here and here] but it has similar relationships with IBM and Juniper Networks. IBM yesterday highlighted Openet as one of its key partners in its strategy regarding cloud computing for service providers."  

ATT is spending the equivalent of Irish GNP in three months on its 4G network, and Openet’s systems are at the core”  (here)

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